Income Tax Basic Training Prepare File Your Own By 0415

The A – Z of self-preparing and e-filing your basic income taxes by 04/15. Income tax preparation made easy for you.

Last updated 2022-01-10 | 4

- Understand basic federal income tax laws and how it applies to your own your own personal or household situation
- Prepare and file your own basic federal and state income tax return
- E-file your federal and state income tax return safely and securely for FREE.

What you'll learn

Understand basic federal income tax laws and how it applies to your own your own personal or household situation
Prepare and file your own basic federal and state income tax return
E-file your federal and state income tax return safely and securely for FREE.
Be in control of your income tax liability and refunds
Plan for your own personal income taxes in the future.
Discover
learn and apply the federal credits and deductions that are available to you as a taxpayer and your dependents
Gain and extend your knowledge of basic income taxes as a tool for your personal financial planning.
Save an average of $200/year by preparing and filing your own return.

* Requirements

* Ability to add
* subtract
* divide & multiply
* Analytical skills
* Patience in learning something new.
* Access to a copy of your prior year's tax return for comparison purposes is preferred but not required.

Description

Student Course Feedback: "Dr. Jacinto, you were a great instructor. Your lectures were clear, precise and showed real "teacher" abilities. You enunciate so well and very easy to understand and follow. Your organization was noteworthy and covered the material well. I thoroughly enjoyed the entire course. In fact, I've listened to your lectures twice."

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2015 Tax Season Ends. A season of SAVINGS begin! Enjoy this course for $9 ($39 regular price) while it is being updated for next year's (2016) tax season. See you inside!

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Income Tax Basic Training has one simple objective - and that is for you to be able to prepare & file your OWN federal & state income tax return by 04/15 by empowering you with the tools you need to understand & learn how US income tax system works.

The course is delivered in simple, no-nonsense and straightforward terms to take the intimidation factor away from dealing with "taxes" and promote an engaging learning environment.

All the materials you need to successfully complete the course are built-in. It's loaded with supplemental resources and quizzes to reinforce learning. The course walks you through how to prepare a basic 1040 from the beginning to the end.

At the end of the course, you will understand how to calculate for your gross income subject to tax, adjusted gross income, the correct type of deduction to take: standard vs. itemized, the number of exemptions to claim, the credits that you may qualify for, your taxable income, tax liability, tax refund or tax due.

Save yourself an average of $200/year by filing your own federal & state income tax return every year. A research conducted by the National Society of Accountants showed that the average of professional tax preparation is $152 for a simple 1040 and $261 for a 1040 with Schedule A. More importantly, be in control of your own taxes by knowing why you pay what you do and learning and understanding how taxes work and affect you.

Your instructor promotes and encourages a lively class through the discussion forum. Expect her to respond to you within 24 hours or less.

Before you sign up, please refer to the target audience for this course to see that it is the right one for you.

Who this course is for:

  • Designed for low and moderate income taxpayers to learn & equip them with the training they need to file their own income tax return each year.
  • Tax filers with adjusted gross income of $60,000 or less that filed using forms 1040-EZ, 1040A or 1040 with Schedule A in 2013.
  • Taxpayers with combined gross income of under $100,000
  • First time filers
  • College students who worked part time during the year.
  • Accounting college students who need to take Federal Income Tax for Individuals - this training will supplement that class.
  • Individuals who pay income taxes every year but DO NOT understand why.
  • Individuals who are afraid of taxes.
  • Individuals who want to obtain basic income tax training to help others through volunteer tax work for the needy (VITA).
  • This course is only designed for US taxpayers.

Course content

11 sections • 38 lectures

Am I required to file a tax return? Preview 03:51

Distinguish when you must or should file your federal income tax return.

Which Form should I use? Preview 02:53

What's difference between 1040EZ, 1040A and 1040.

What is my filing status? Preview 05:06

Learn the 5 filing statuses and which is most appropriate for you.

Filing Basics

Quiz Description

What are personal exemptions? Preview 02:34

Who qualify as personal exemptions?

What are dependency exemptions? Preview 04:49

Who can you claim as dependents?

Exemptions

Quiz Description

How do I calculate the taxable income & liability? Preview 08:45

Learn the steps to calculate your taxable income & liability.

What income items are taxable and nontaxable? Preview 03:37

Learn if your income sources are taxable or nontaxable.

Salaries, Dividends, Interest & common sources of income Preview 06:46

Learn about the forms that used to report common sources of income..

Business Income Preview 04:29

Use a Schedule C to report your income and expenses.

Capital Gains and Losses Preview 05:55

Capital assets - where capital gains and losses are reported. What are the loss limits? Capital gains in selling your main residence.

Retirement Income Preview 04:05

How and where is retirement income reported on your 1040.

Schedule E - Rental Income Preview 03:47

Rental Income, Income from Partnerships, S Corporations & trusts - how are they reported.

Is unemployment compensation taxable? Preview 01:42

Reporting unemployment benefits and how taxes can be withheld on benefits.

Do I have to pay taxes on my social security income? Preview 03:05

Calculate taxable portion of Social Security income.

I just won the lotto! Do I have to pay taxes? Preview 02:44

Reporting other income sources.

Income

Do I receive a tax break for paying alimony? Preview 04:42

The effect of adjustments to income on your tax liability

Midterm Assessment

Quiz Description

Do I qualify for standard deduction? Preview 03:18

Prevailing standard deduction rates based on your filing status.

What expenses can I itemize? Preview 07:27

Prepare a Schedule A to itemize your expenses.

Deductions

What is my tax liability? Preview 08:07

How to calculate your TAX based on published income tax rates.

Can I receive credit for child care expenses? Preview 07:06

How to qualify for child and dependent care credits.

Wow! My Udemy online courses may quality towards education credits. Preview 08:18

Types of Education Credits and the qualifying factors.

Can I receive $1,000 per qualifying child for child tax credit? Preview 03:15

Criteria to qualify for child tax credit.

More Credits? Preview 04:41

Tax and Credits

Quiz Description

Other Taxes Preview 05:50

Additional taxes to your existing income tax liability based on adjusted gross income.

Payments Preview 06:20

Amounts applied against your tax liability.

Earned Income Credit Preview 04:26

Qualifying conditions for Earned Income Credit.

Refund or Tax Due Preview 03:48

Calculate your refund or tax due.

State Income Tax & E-file for FREE Preview 03:42

How to file your State Income Tax and E-file your taxes for free.

Final Quiz

Tax Software Sample Tax Return Walk-through Preview 15:09

Walk-through of a sample return and the site (free software) to file your return for free.

Conclusion Preview 03:04

Add a description. Include what students will be able to do after completing the lecture.