Accelerated Tax Preparation Course
Course Duration: 4 weeks
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Course Description
Our accelerated tax preparation course provides a condensed introduction to the fundamentals of individual tax preparation. Over the span of four weeks, students will gain essential knowledge and skills enhancements necessary for accurately preparing tax returns. The course combines theoretical concepts with practical exercises to ensure a comprehensive understanding of tax regulations, forms, and calculations. By the end of the course, students will be equipped to assist individuals with basic tax preparation tasks.
Course Outline
- Week 1: Introduction to Taxation
- Overview of the U.S. tax system
- Understanding tax obligations and responsibilities
- Introduction to the Internal Revenue Code and tax authorities
- Key tax terms and concepts
- Week 2: Income and Deductions
- Differentiating between taxable and nontaxable income
- Identification and reporting of various income sources (e.g., wages, self-employment, investments)
- Understanding allowable deductions and limitations
- Practice exercises on income and deduction calculations
- Week 3: Tax Forms and Schedules
- Introduction to common tax forms (e.g., 1040, W-2, 1099)
- Understanding supporting schedules (e.g., Schedule A, Schedule C)
- Filling out tax forms accurately and completely
- Hands-on exercises on form completion
- Week 4: Credits and E-Filing
- Overview of tax credits and their eligibility requirements
- Common tax credits (e.g., Child Tax Credit, Earned Income Credit)
- Utilizing tax software for accurate calculations
- E-filing procedures and requirements
- Final project: Prepare and file a simple tax return using tax software
