Establishing The Tax Foundation


During this module, you learned the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income.  In fact, you have covered all the information necessary to prepare Page one of the Form 1040. (Establishing The Tax Foundation – Table of Content)

This module acts as an introduction to the topic of Tax Preparation. From what your role is as a Tax Preparer to the nuts and bolts of preparing the most common Tax Returns. Learning this material first not only gives you a solid foundation in your understanding of the process of preparing tax returns but is also very helpful in that once you have a solid understanding of this material, you can begin to prepare individual tax returns.

The Professional Tax Preparer™ course gets you up to speed quickly so that you can begin to put your knowledge to work in the real world and quickly become profitable. This module gives you practical experience and will enable you to prepare some of the
simpler returns for family and friends.

The material is presented in a very hands-on way, showing you the process of preparing tax returns by actually doing the kinds of basic tax returns that you will do for your clients.

Each session within the Professional Tax Preparer™ program ends with tax-saving tips that will ensure neither you nor your clients are paying one more dollar in tax than you should. As these strategies are understood, you can provide the type of quality professional tax preparation and consulting services that every individual needs and is looking for.

Lesson Outline:

  • Getting Started
  • Wages, Salaries & Tips
  • Schedule B – Interest/Dividend Income
  • Schedules C-EZ & F – Self-employment and Farm Income
  • Schedule D – Capital Gain and Loss
  • Retirement Income
  • Schedule E – Rental, Royalty, Partnership & S Corp Income
  • Other Types of Income
  • Occupational Adjustments
  • Personal Adjustments

With Module 1 completed, you’re ready to begin Module 2, “Becoming the 1040 Expert.”  In this module, you will complete your study of the 1040 Return by learning how to use and calculate the standard or itemized deduction, how to arrive at Taxable Income, and how to calculate the resulting income tax.

You will also be able to calculate additional taxes that may be necessary, as well as any refundable and non-refundable credits that may be available.  Finally, Module 2 will train you on how to complete the 1040 return for your clients, and submit it to the IRS.

These sessions will share with you principles and practice that will make you an even more effective and valuable consultant for both high and low-income taxpayers.

Learn More About What Is Taught in the Next Module, “Becoming the 1040 Expert”