Welcome to the Exact Tax Academy! This Tax Preparation Course is crafted to equip you with the essential knowledge, tools, and skills to meet IRS requirements. You will gain a foundational understanding of tax law and practice, while also exploring the rules and regulations necessary for preparing Federal Individual Income and Small Business Tax Returns for the general public. Upon completion, participants will possess the skills and confidence to: prepare various individual and small business tax returns, address taxpayers' inquiries, and research tax issues, laws, and publications.
Course Syllabus:
COURSE INTRODUCTION
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MODULE 1 - BECOMING A REGISTERED TAX PREPARER WITH THE IRS
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MODULE 2 - CUSTOMER SERVICE & ETHICAL OBLIGATIONS OF A PREPARER
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MODULE 3 - INTRODUCTION TO TAX PREPARATION
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- Introduction to the income tax return
- The TCJA - Tax Cuts & Jobs Act of 2017
- Filing Statuses Breakdown (Single, HOH, MFJ, MFS, & QW)
- Dependents (Qualifying Child vs Qualifying Relative)
- Filing Requirements (Who Must File & Who Should file)!
- Important IRS Dates (Tax Deadline, Extensions, PATH Act, etc)
- The Interview Process & Client Intake Form
- Test Your Knowledge!
MODULE 4 - INDIVIDUAL TAX RETURNS (THE 1040 FORM)
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- Federal Individual Income Taxes (Tax Brackets explained)
- The Different Types of Taxes
- Tax Credits & Deductions (Breakdown of EITC, CTC, AOTC, ODC, etc)
- The Standard Deduction vs Itemized Deductions
- Introduction to IRS Form 1040
- Tax Schedules that attach to Form 1040
- The Most Common Tax Return Issues (Reject Codes) & Form 1095-A explained
- Amending a Tax Return (Form 1040-x)
- Test Your Knowledge!
MODULE 5 - TYPES OF INCOME & COMMON TAX FORMS
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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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PRACTICE SCENARIOS (1-5)
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PRACTICE SCENARIOS (6-10)
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COURSE WRAP-UP
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