This Tax Preparation Course is designed to give you the knowledge, tools, and skills needed to fulfill the IRS requirements and give you a basic understanding of tax law and practice on how to prepare an individual & Small Business Tax Return. During the next several weeks, the rules and regulations needed to complete a Federal Individual Income Tax Return for the general public will be covered. This course will be a challenge and will require hard work on the student’s part! Upon completion of this course, all students should have the necessary skill sets and confidence to prepare a variety of individual tax returns, be able to answer taxpayers’ questions, and research tax issues/laws & publications, and know how to successfully operate your own tax office.
Course Curriculum:
COURSE INTRODUCTION
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MODULE 1 - BECOMING A REGISTERED TAX PREPARER WITH THE IRS
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MODULE 2 - CUSTOMER SERVICE & ETHICS FOR A TAX PREPARER
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- Customer Service in the Tax industry
- Circular 230 - Professional Responsibility and Ethical Obligations of a Tax Preparer (3:25)
- Who Can Practice Before the IRS? (11:37)
- Due Diligence & Record Keeping (13:55)
- Office of Professional Responsibility
- The Interview Process & Client Intake Form
- Important IRS Tax Dates
- Test Your Knowledge!
MODULE 3 - INTRODUCTION TO TAX PREPARATION
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MODULE 4 - INDIVIDUAL TAX RETURNS (THE 1040 FORM)
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- Federal Individual Income Taxes
- The Different Types of Taxes
- Standard vs Itemized Deductions
- Introduction to IRS Form 1040
- Tax Schedules that attach to Form 1040 (30:03)
- Tax Credits and Deductions
- The Most Common Tax Return Issues (Reject Codes) & Form 1095-A explained
- Amending a Tax Return
- Test Your Knowledge!
MODULE 5 - TYPES OF INCOME & FORM BREAKDOWNS
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MODULE 6 - SMALL BUSINESS TAX RETURNS (THE SCHEDULE C)
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MODULE 7 - TAX LAW CHANGES & UPDATES
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MODULE 8 - MARKETING YOUR TAX BUSINESS
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