Learn tax preparation to understand the impact on the actual tax return of your gross income. Read more.
Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI
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Get Started with All Access PassBuy Only This CourseAbout This Course
Who this course is for:
- Tax payers
- Accountants
- Business owners
What you’ll learn:
- Adjustments to income
- Tax deductions
Requirements:
- No prior knowledge is required to take this course
This course will focus on taxable income, adjustments to income, and itemized deductions
We will look at each component from multiple angles, starting with a presentation discussing the topic and then looking at examples to better understand the concepts in action.
The example section will use tax forms to work problems and an accounting equation method using Excel so learners will understand the impact on the actual tax return and visualize the concepts using a tax formula.
Determining what income is is essential given that we have an income tax. For taxes, of course, everything is flipped upside down, income being bad, expenses or deductions being good. We often receive documentation that can help us report income, such as W-2 Forms and Form 1099s, but sometimes we may not get any documentation and still be required to report income. Different types of income may also be taxed at different rates. Practice problems demonstrating different forms of income and the impact on the tax return will help learners better understand the concepts practically.
Adjustments to income can be thought of as a type of deduction, but deductions are separate from the standard deduction and itemized deductions. We will look at the main adjustments to income and provide examples to show how they are reported on the tax return.
Itemized deductions may be taken if they are greater than the standard deduction. We will look at each itemized deduction category, provide examples, and show how they can impact the tax return.
Our Promise to You
By the end of this course, you will have learned tax preparation in terms of gross income and adjustments.
10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.
Get started today!
Course Curriculum
| Section 1 - Gross Income | |||
| Tax Income – Overview, PPP Loans, Foreign-Source Income, Bankruptcy Cases | 00:00:00 | ||
| Income Reporting Forms | 00:00:00 | ||
| Wages, Salaries, Tips, Etc | 00:00:00 | ||
| W-2 Income Tax Software | 00:00:00 | ||
| Interest Income | 00:00:00 | ||
| Interest Income Software Example | 00:00:00 | ||
| Dividend Income | 00:00:00 | ||
| Dividend Income Software Example | 00:00:00 | ||
| Pensions And Annuities | 00:00:00 | ||
| Pensions And Annuities Software Example | 00:00:00 | ||
| Social Security Benefits | 00:00:00 | ||
| Social Security Benefits Software Example | 00:00:00 | ||
| Taxable Refunds, Credits, Or Offsets Of State And Local Income Taxes | 00:00:00 | ||
| Taxable Refunds, Credits, Or Offsets Of State And Local Income Taxes Software Example | 00:00:00 | ||
| Alimony Received | 00:00:00 | ||
| Alimony Received Tax Software | 00:00:00 | ||
| Business Income Or Loss And Other Gains Or Losses | 00:00:00 | ||
| Business Income Or Loss And Other Gains Or Losses Tax Example | 00:00:00 | ||
| Unemployment Compensation | 00:00:00 | ||
| Unemployment Compensation Software Example | 00:00:00 | ||
| Capital Gain Or Loss | 00:00:00 | ||
| Capital Gain Or Loss Software Example | 00:00:00 | ||
| Other Income Part 1 | 00:00:00 | ||
| Other Income Part 1 Software Example | 00:00:00 | ||
| Other Income Part 2 | 00:00:00 | ||
| Other Income Part 2 Software Example | 00:00:00 | ||
| IRA Distributions | 00:00:00 | ||
| IRA Distributions Tax Software | 00:00:00 | ||
| Section 2 - Adjustments To Income Sch. 1 | |||
| Educator Expenses | 00:00:00 | ||
| Educator Expenses Software Example | 00:00:00 | ||
| Certain Business Expenses Of Reservists | 00:00:00 | ||
| Certain Business Expenses Of Reservists Software Example | 00:00:00 | ||
| HSA Deduction, Moving Expenses, Deductible Part Of Self-Employment Tax | 00:00:00 | ||
| HSA Deduction, Moving Expenses, Deductible Part Of Self-Employment Tax Software Example | 00:00:00 | ||
| Self-Employed Health Insurance Deduction | 00:00:00 | ||
| Self-Employed Health Insurance Deduction Software Example | 00:00:00 | ||
| Penalty On Early Withdrawal Of Savings And Alimony Paid | 00:00:00 | ||
| Penalty On Early Withdrawal Of Savings And Alimony Paid Software Example | 00:00:00 | ||
| IRA Deduction | 00:00:00 | ||
| Student Loan Interest Deduction | 00:00:00 | ||
| Student Loan Interest Deduction Software Example | 00:00:00 | ||
| Archer MSA Deduction And Jury Duty Pay | 00:00:00 | ||
| Archer MSA Deduction And Jury Duty Pay Software Example | 00:00:00 | ||
| Section 3 - Itemized Deductions | |||
| Itemized Deductions Overview | 00:00:00 | ||
| Itemized Deductions Software Example | 00:00:00 | ||
| Medical And Dental Expenses Part 1 | 00:00:00 | ||
| Medical And Dental Expenses Part 2 | 00:00:00 | ||
| Medical And Dental Expenses Software Example | 00:00:00 | ||
| Taxes You Paid Part 1 | 00:00:00 | ||
| Taxes You Paid Part 2 | 00:00:00 | ||
| Taxes You Paid Part 3 | 00:00:00 | ||
| Taxes You Paid Part Software Example | 00:00:00 | ||
| Interest You Paid Part 1 | 00:00:00 | ||
| Interest You Paid Part 2 | 00:00:00 | ||
| Interest You Paid Part 3 | 00:00:00 | ||
| Interest You Paid Part 4 | 00:00:00 | ||
| Interest You Paid Part Software Example | 00:00:00 | ||
| Gifts To Charity Part 1 | 00:00:00 | ||
| Gifts To Charity Part 2 | 00:00:00 | ||
| Gifts To Charity Part 3 | 00:00:00 | ||
| Gifts To Charity Part 4 | 00:00:00 | ||
| Gifts To Charity Software Example | 00:00:00 | ||
| Casualty And Theft Losses | 00:00:00 | ||
| Other Itemized Deductions | 00:00:00 | ||
| Other Itemized Deductions Software Example | 00:00:00 | ||
About This Course
Who this course is for:
- Tax payers
- Accountants
- Business owners
What you’ll learn:
- Adjustments to income
- Tax deductions
Requirements:
- No prior knowledge is required to take this course
This course will focus on taxable income, adjustments to income, and itemized deductions
We will look at each component from multiple angles, starting with a presentation discussing the topic and then looking at examples to better understand the concepts in action.
The example section will use tax forms to work problems and an accounting equation method using Excel so learners will understand the impact on the actual tax return and visualize the concepts using a tax formula.
Determining what income is is essential given that we have an income tax. For taxes, of course, everything is flipped upside down, income being bad, expenses or deductions being good. We often receive documentation that can help us report income, such as W-2 Forms and Form 1099s, but sometimes we may not get any documentation and still be required to report income. Different types of income may also be taxed at different rates. Practice problems demonstrating different forms of income and the impact on the tax return will help learners better understand the concepts practically.
Adjustments to income can be thought of as a type of deduction, but deductions are separate from the standard deduction and itemized deductions. We will look at the main adjustments to income and provide examples to show how they are reported on the tax return.
Itemized deductions may be taken if they are greater than the standard deduction. We will look at each itemized deduction category, provide examples, and show how they can impact the tax return.
Our Promise to You
By the end of this course, you will have learned tax preparation in terms of gross income and adjustments.
10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.
Get started today!
Course Curriculum
| Section 1 - Gross Income | |||
| Tax Income – Overview, PPP Loans, Foreign-Source Income, Bankruptcy Cases | 00:00:00 | ||
| Income Reporting Forms | 00:00:00 | ||
| Wages, Salaries, Tips, Etc | 00:00:00 | ||
| W-2 Income Tax Software | 00:00:00 | ||
| Interest Income | 00:00:00 | ||
| Interest Income Software Example | 00:00:00 | ||
| Dividend Income | 00:00:00 | ||
| Dividend Income Software Example | 00:00:00 | ||
| Pensions And Annuities | 00:00:00 | ||
| Pensions And Annuities Software Example | 00:00:00 | ||
| Social Security Benefits | 00:00:00 | ||
| Social Security Benefits Software Example | 00:00:00 | ||
| Taxable Refunds, Credits, Or Offsets Of State And Local Income Taxes | 00:00:00 | ||
| Taxable Refunds, Credits, Or Offsets Of State And Local Income Taxes Software Example | 00:00:00 | ||
| Alimony Received | 00:00:00 | ||
| Alimony Received Tax Software | 00:00:00 | ||
| Business Income Or Loss And Other Gains Or Losses | 00:00:00 | ||
| Business Income Or Loss And Other Gains Or Losses Tax Example | 00:00:00 | ||
| Unemployment Compensation | 00:00:00 | ||
| Unemployment Compensation Software Example | 00:00:00 | ||
| Capital Gain Or Loss | 00:00:00 | ||
| Capital Gain Or Loss Software Example | 00:00:00 | ||
| Other Income Part 1 | 00:00:00 | ||
| Other Income Part 1 Software Example | 00:00:00 | ||
| Other Income Part 2 | 00:00:00 | ||
| Other Income Part 2 Software Example | 00:00:00 | ||
| IRA Distributions | 00:00:00 | ||
| IRA Distributions Tax Software | 00:00:00 | ||
| Section 2 - Adjustments To Income Sch. 1 | |||
| Educator Expenses | 00:00:00 | ||
| Educator Expenses Software Example | 00:00:00 | ||
| Certain Business Expenses Of Reservists | 00:00:00 | ||
| Certain Business Expenses Of Reservists Software Example | 00:00:00 | ||
| HSA Deduction, Moving Expenses, Deductible Part Of Self-Employment Tax | 00:00:00 | ||
| HSA Deduction, Moving Expenses, Deductible Part Of Self-Employment Tax Software Example | 00:00:00 | ||
| Self-Employed Health Insurance Deduction | 00:00:00 | ||
| Self-Employed Health Insurance Deduction Software Example | 00:00:00 | ||
| Penalty On Early Withdrawal Of Savings And Alimony Paid | 00:00:00 | ||
| Penalty On Early Withdrawal Of Savings And Alimony Paid Software Example | 00:00:00 | ||
| IRA Deduction | 00:00:00 | ||
| Student Loan Interest Deduction | 00:00:00 | ||
| Student Loan Interest Deduction Software Example | 00:00:00 | ||
| Archer MSA Deduction And Jury Duty Pay | 00:00:00 | ||
| Archer MSA Deduction And Jury Duty Pay Software Example | 00:00:00 | ||
| Section 3 - Itemized Deductions | |||
| Itemized Deductions Overview | 00:00:00 | ||
| Itemized Deductions Software Example | 00:00:00 | ||
| Medical And Dental Expenses Part 1 | 00:00:00 | ||
| Medical And Dental Expenses Part 2 | 00:00:00 | ||
| Medical And Dental Expenses Software Example | 00:00:00 | ||
| Taxes You Paid Part 1 | 00:00:00 | ||
| Taxes You Paid Part 2 | 00:00:00 | ||
| Taxes You Paid Part 3 | 00:00:00 | ||
| Taxes You Paid Part Software Example | 00:00:00 | ||
| Interest You Paid Part 1 | 00:00:00 | ||
| Interest You Paid Part 2 | 00:00:00 | ||
| Interest You Paid Part 3 | 00:00:00 | ||
| Interest You Paid Part 4 | 00:00:00 | ||
| Interest You Paid Part Software Example | 00:00:00 | ||
| Gifts To Charity Part 1 | 00:00:00 | ||
| Gifts To Charity Part 2 | 00:00:00 | ||
| Gifts To Charity Part 3 | 00:00:00 | ||
| Gifts To Charity Part 4 | 00:00:00 | ||
| Gifts To Charity Software Example | 00:00:00 | ||
| Casualty And Theft Losses | 00:00:00 | ||
| Other Itemized Deductions | 00:00:00 | ||
| Other Itemized Deductions Software Example | 00:00:00 | ||
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