Online Tax Preparation classes curriculum
Our online Tax Preparation classes 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.
Lesson Group 1: Orientation: Ashworth College Career Program
Learning at Ashworth
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; developing the skill sets necessary for success in the twenty-first century.
Concepts in Small Business and Self-Employment
Evaluating your business idea; setting yourself apart from the competition; market testing; investment funding and donation funding; qualities of an entrepreneur; crowdfunding and angel investors.
Lesson Group 2 – Filing Status and Income Basics
Career and Tax Overview and Filing Status
An introduction to the career opportunities available for individuals having formal training in tax preparation, followed by instruction in the fundamentals of the U.S. tax system and a summary of the concepts of tax calculation for individuals based on their filing status.
Income, Part 1
The basics of determining taxable and non-taxable income from common sources such as compensation from employment and services, as well as interest, dividends and educational benefits.
Income, Part 2
This lesson continues instruction related to income calculation related to retirement contributions, distributions, and rollovers as well as annuities. Various forms of IRAs are reviewed as well as the taxability of social security and inheritance.
Lesson Group 3 – Property Income and Deductions
Income, Part 3
This final lesson on income deals with the monies earned from the sale or rental of real estate and monies earned as royalties on intellectual property. Detailed coverage is provided on the tax implications of selling a primary residence.
Deductions, Part 1
An introduction to the concept of tax deductions focusing on the common deductions allowed when itemizing on a return such as medical and dental expenses, taxes, interest, and charitable donations. Students also learn to determine when to itemize deductions instead of using a standard deduction.
Deductions, Part 2
Exploration of tax deductions allowed for different types of losses as well as for certain business expenses such as travel and entertainment. Personal exemptions are also covered as part of this important topic.
Lesson Group 4 – Small Business Clients and Returns Filing
Returns for Self-Employment and Small Business
The unique tax rules and allowances for income related to the operation of a sole proprietorship or for the self-employed including medical and retirement plans, depreciation of business assets, and car/truck and office expenses.
Tax Calculation, Payment and Filing
This lesson covers the final stages of completing a typical tax return before filing including the calculation of tax due for the regular process and for Alternative Minimum Tax situations. Students will also learn to identify and apply tax credits, understand the requirements for tax withholdings and prepayment as well as review the IRS audit process.
Tax Preparation Program Description
Students learn the standard practices used for the preparation and filing of federal tax returns for individuals and small businesses. The program provides the skills necessary to accurately complete common tax forms and schedules in compliance with all applicable tax codes and requirements.
Program graduates are prepared to take the National Bookkeepers Association (NBA) Uniform Tax Certification exam, leading to the Tax Certification designation.
Program Objectives
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.
Claiming your career path
Ashworth College API Program Name Career Diploma program help 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 EDGE, you’ll get step-by-step guidance as you create polished, professional resumes and letters. After you graduate, you’ll keep your Ashworth EDGE account so you can revisit the tools any time you need to make a good impression on a potential employer. Learn more about it at the Career Services page.
