Whats Covered
 
Part 1: Tax Fundamentals (Modules 1-4)
 
Module 1: Introduction to Taxes:
Understanding the U.S. tax system
Types of taxes (income, property, sales)
Benefits of filing taxes
Module 2: Tax Filing Basics:
Deadlines and extensions
Choosing the right tax form (1040, 1040EZ)
Gathering necessary documents (W-2s, 1099s, receipts)
Module 3: Understanding Income:
Gross income vs. taxable income
Different types of income (wages, interest, dividends)
Reporting income from various sources
Module 4: Deductions and Credits:
Identifying common deductions (standard vs. itemized)
Understanding tax credits (earned income credit, child tax credit)
Part 2: Common Tax Scenarios (Modules 5-8)
Module 5: Filing for Dependents:
Who qualifies as a dependent
Tax benefits of claiming dependents
Reporting dependent information on tax forms
Module 6: Itemized Deductions:
Exploring categories of itemized deductions (medical expenses, charitable contributions)
Rules and limitations for claiming each deduction
Module 7: Self-Employed Taxes:
Understanding tax implications for self-employed individuals
Business deductions and record-keeping
Estimated tax payments
Module 8: Investing and Capital Gains:
Reporting stock sales and dividends
Understanding capital gains and losses
Tax implications of various investment types
Part 3: Advanced Topics (Modules 9-12)
Module 9: Itemized Deductions for Homeowners (optional):
Mortgage interest and property taxes deductions
Home office deduction rules
Module 10: Student Loan Deductions and Credits (optional):
Tax benefits for student loan payments
Education credits and their eligibility
Module 11: Retirement Savings and Taxes:
Traditional vs. Roth IRAs and their tax implications
Employer-sponsored retirement plans (401(k))
Module 12: Tax Software and Online Tools:
Benefits of using tax software for filing
Different tax software options and features
Part 4: Resources and Support (Modules 13-15)
Module 13: Tax Updates and Changes:
Keeping up-to-date with tax law changes
Resources for staying informed
Module 14: Common Tax Mistakes to Avoid:
Identifying critical tax filing errors
Strategies for accurate tax preparation