Online Tax Preparation Class Curriculum
Our online Tax Preparation Class Curriculum teaches standards for preparing and filing federal tax returns on behalf of individuals and small businesses. You will learn how to determine taxable and non-taxable income, calculate income from various sources, deduct expenses or losses for individuals, and you will review income related to small business income. Apply your knowledge in a final project that simulates an actual tax return.
Orientation: Learning at Ashworth
In this course, you’ll examine the goals and values of Ashworth College, time management, creating a realistic weekly and monthly study schedule, the nature and purpose of assessments, how to study effectively to prepare for and take an online examination, and developing the skill sets necessary for success in the twenty-first century.
By the end of this course, you’ll be able to:
Lesson Group 1: Filing Status and Income Basics
To successfully prepare and file federal tax returns, you must understand how to evaluate your business idea and set yourself apart from the competition. By applying your knowledge of the career opportunities available with this training, you’ll use the basics of determining taxable and nontaxable income from common sources and calculating income related to retirement contributions, distributions, rollovers, and more.
By the end of this course, you’ll be able to:
Analyze the key factors driving the success of small businesses and self-employed professionals.
Identify the tax categories, taxpayer types, and tax forms and schedules for effective preparation.
Distinguish between taxable and nontaxable income types.
Identify the taxability of different retirement instruments, including IRAs, Roth IRAs, and SEPs, and the applicable tax rules for Social Security income.
Lesson Group 2: Property Income and Deductions
This course will further explore income that arises from real estate and intellectual property. With the study of income concluded, you’ll study common types of tax deductions, determining when to itemize deductions or take the standard deduction. The course continues the study of deduction with different types of losses as well as business expenses. Lastly, you’ll explore personal tax exemptions.
By the end of this course, you’ll be able to:
Analyze the tax implications of property sales, rental income, royalties, and loss limitations.
Explain how to calculate AGI deductions, determine whether to itemize or take the standard deduction, and complete Schedule A.
Describe rules for dependents, casualty/theft losses, and other itemized deductions.
Lesson Group 3: Small Business Clients and Returns Filing
This course will provide insight into tax preparation for sole proprietors and the self-employed, detailing the rules and
allowances. You’ll then study the methods of tax calculation, followed by the procedures for making payments and
filing tax returns.
By the end of this course, you’ll be able to:
Examine rules for self-employment, business income, depreciation, and self-employment tax.
Explain estimated tax calculation, tax return filing, and the IRS audit process.
Apply your knowledge of tax rules to complete an individual tax return.
Tax Preparation Program Description
To provide students with formal training in the preparation and submission of US tax returns for individuals and small businesses, focusing on various types of incomes and deductions while closely following the requirements and procedures for calculating and filing taxes.
After completing the Tax Preparation program, students will be able to:
Recognize and describe laws and regulations related to taxation for both individuals and small businesses, and apply these appropriately to the preparation of tax forms.
Calculate gross income and identify those elements of income that are included and excluded when making this calculation; identify common itemized deductions, including medical expenses, taxes, charitable contributions, and others; identify and calculate tax losses; identify and calculate deductible business expenses.
Apply capital gains and losses to property transactions.
Accurately complete a basic Form 1040 Individual Tax Return with typical itemized deductions for a family.
Ashworth College's API Program Name Career Diploma program helps you develop the confidence you need to reach for your career goals because we integrate job search prep into your studies. With the online tools at the Ashworth College Central Network, you’ll get step-by-step guidance as you create polished, professional resumes and letters. After you graduate, you’ll keep your Ashworth College Central Network account so you can revisit the tools any time you need to make a good impression on a potential employer.
