INDIVIDUAL TAX COURSE
The Individual Tax Course introduces participants to the fundamentals of personal income taxation in the United States. The program covers the basics of the U.S. tax system, including the principles of federal and state tax laws. It explores the concept of tax residency and its impact on tax obligations, as well as income reporting requirements and tax filing deadlines. Particular attention is given to the consequences of late tax filing and payment violations.

Participants study various tax return forms, their contents, and application specifics, along with the different methods of filing tax returns and making tax payments. The course examines the progressive tax system, tax rates, and how different filing statuses affect income taxation. It also provides an overview of dependents for tax purposes, explaining how they are taxed and what tax benefits they may provide.

A significant part of the course is dedicated to income taxation, covering wages, compensation, benefits, pensions, capital gains, and investment income. Students analyze deductions and tax credits, learning how they influence the final tax amount. Special types of income taxes, such as the Net Investment Income Tax (NIIT) and the Alternative Minimum Tax (AMT), are also reviewed. Additionally, the course includes training on specialized tax preparation software, helping participants navigate tax filing tools effectively.

The course provides essential knowledge and practical skills for independently preparing individual tax returns and gaining a clearer understanding of U.S. tax laws.

01 Introduction to U.S. Taxation
● U.S. Tax Law
● Tax Residency
● Tax Season
● Form 1040 & Schedules
● Tax Preparation and Filing
● How the U.S. Tax Law Works
● U.S. and State Residency for Tax Purposes
● Tax Season: Process and Preparation
● Form 1040 and Schedules
● Tax Filing and Payment Methods
02 Individual Income Tax
● Filing Status
● Dependents
● Filing Requirement
● Tax Rates
● Double Entry Principle in Accounting
● How to Record a Financial Transaction Using Debits and Credits
● Chart of Accounts: Types and Categories of Accounts
● Account Correspondence and Recording Transactions via T-Accounts
● Accounting Entries through T-Accounts and Creating a Balance from Account Balances
03 Income
● Wages & Benefits
● Social Security Benefits & Pencion plans
● Rental Income
● Capital Gain
● Annuities, Interest & Dividends
● Taxation of Income and Compensation from Employers
● Taxation of Pensions and Social Benefits
● Specifics of Rental Income Taxation
● Taxes on Capital Gains and Losses
● Taxation of Investment Income
04 Tax Calculation
● Tax Calculation Formula
● For AGI Deductions
● Standard & Itimized Deductions
● NIIT, AMT
● Tax Credit
● Tax Calculation Formula
● Adjustments to Gross Income
● Standard and Itemized Deductions
● Tax on Investment Income and Alternative Minimum Tax
● Types of Tax Credits
05 Tax Filing Software
● ProSeries
● TurboTax
● Popular Software for Filing Individual Taxes
Made on
Tilda