Allied Taxpreneurs Academy

Overview

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Tax Course Includes:

Learning Path

Become familiar with the new Form 1040 and its three accompanying schedules, and how the complexity of a taxpayer’s tax situation can impact which schedules will be required. Incorporated throughout the text are updates related to the Tax Cuts and Jobs Act of 2017, the SECURE Act, and recent COVID-19 legislation.

Learn how to calculate the standard deduction and determine whether it is best to choose the standard deduction or the itemized deduction, which will be discussed later and in more detail.

Learn how to identify various types of employee compensation, including fringe benefits, tips, alimony, and other income.

 Learn how to be able to identify different types of interest income, differentiate between taxable and nontaxable interest, and discern where to report the interest income.

 Learn how to identify earned income as it relates to the earned income credit

Learn how to understand the qualifications for claiming the child tax credit, credit for other dependents, additional child tax credit, credit for child and dependent care expenses, credit for the elderly or the disabled, adoption credit, education credits, and Recovery Rebate credit. 

Learn how to identify various types of retirement income.

Learn how to be able to determine whether any of the adjustments to total income specified on lines 10-22 of Schedule 1 (Form 1040) apply to a taxpayer.

 Learn how to be able to determine whether taking the standard deduction or itemizing deductions is best for the taxpayer while considering the overall limitation on itemized deductions.

Learn the rules and regulations which govern electronic filing and describe the methods of receiving a refund through electronic filing. Also be able to identify several potential warning signs of fraud and realize the importance of verifying taxpayer identification numbers.

Learn how capital gains and losses are treated on the tax return. Also be able to determine the basis of property in various circumstances, calculate the potential gain on the sale of a home or personal residence, and employ the appropriate tax treatment for an installment sale.

Learn to classify different types of property eligible for depreciation, differentiate between various depreciation methods, and become familiar with the terminology unique to depreciation transactions. Also understand how repairs and replacements affect the basis of property.

Learn to define sole proprietorship and calculate net income for this type of entity. Business deductions, including automobile and home office, will be discussed.

Learn to process client rental data and then report rental income and classify deductible rental expenses. Understanding the differentiate between repairs and improvements to rental property. Other types of supplemental income will also be identified, such as income from royalties and partnerships.

Learn about updated tax laws.

Learn the rules and regulations governing the tax profession and the practical application of these rules in the daily operation of a tax professional’s business.

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