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Federal Taxation I: Individuals, Employees, and Sole Proprietors

Approx. 30 hours to complete

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Course Summary

Get a comprehensive overview of federal taxation in the US with a focus on individual taxpayers. Learn about tax laws and regulations, tax planning strategies, and the impact of taxation on financial decisions.

Key Learning Points

Understand the key tax laws and regulations that apply to individual taxpayers in the US
Learn about various tax planning strategies to minimize tax liabilities and maximize deductions
Explore the impact of taxation on financial decisions and personal financial planning

Learning Outcomes

Gain a comprehensive understanding of federal taxation laws and regulations applicable to individual taxpayers in the US
Develop tax planning strategies to minimize tax liabilities and maximize deductions
Understand the impact of taxation on financial decisions and personal financial planning

Prerequisites or good to have knowledge before taking this course

Basic knowledge of accounting principles
Familiarity with US tax laws and regulations

Course Difficulty Level

Intermediate

Course Format

Online
Self-paced
Video Lectures
Quizzes and Assignments

Similar Courses

Corporate Taxation
International Taxation
Taxation for Small Businesses

Related Education Paths

Related Books

Description

This course is the first course in a five-course US Federal Tax Specialization. It covers and focuses on the U.S. federal tax system as it relates to individuals, employees, and sole proprietors. Key concepts covered include gross income and items that are statutorily included or excluded in it, personal and business expenses that qualify as tax deductions, and the differing tax treatments for employees versus self-employed taxpayers. Unlike many other introductory courses in tax and as part of this course’s comprehensive wrap-up, learners will be provided with practical and tangible experience reporting both income and expenses on the main individual tax return used in the US, Form 1040.

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Outline

INTRODUCTION TO THE COURSE
Course Overview and Meet Your Instructors
About Professor Matthew Hutchens
About Professor Petro Lisowsky
Learn on Your Terms
Syllabus
About the Discussion Forums
Learn More About Flexible Learning Paths
Update Your Profile

MODULE 1: AN INTRODUCTION TO TAXATION
Taxes: An Introduction
Evaluating a Tax System
The Tax Structure
The Tax Structure: Examples
Types of Taxes
Origins of Tax Law
Statutory Sources of Tax Law
Administrative Sources of Tax Law
Judicial Sources of Tax Law
Module 1 Overview and Resources
The 2017 Tax Revision
Wealth of Nations and AICPA's Guiding Principles of Good Tax Policy (optional)
Who Pays Federal Taxes?
How Do Marginal Tax Rates Work
1862 and 1913 Tax Forms (optional)
Lesson 1.1 Knowledge Check
Lesson 1.2 Knowledge Check
Lesson 1.3 Knowledge Check
Lesson 1.4 Knowledge Check
Lesson 1.5 Knowledge Check
Lesson 1.6 Knowledge Check
Lesson 1.7 Knowledge Check
Lesson 1.8 Knowledge Check
Lesson 1.9 Knowledge Check
Module 1 Quiz

MODULE 2: COMPUTING THE TAX
Gross Income
Deductions and AGI
Qualifying Children and Qualifying Relatives - Part 1
Qualifying Children and Qualifying Relatives Part 2
Tax Calculation
Filing Status
Filing Requirements and Other Dependent Issues
The "Kiddie" Tax
Module 2 Overview and Resources
Standard Deduction Amounts for 2018 and 2019
New Reading
Qualifying Child and Qualifying Relative Tests
The Child Tax Credit: Current Law
Tax Rate Schedules for 2021
Tax Rate Schedules for 2020
Tax Rate Schedules for 2019
Tax Rate Schedules for 2018
Former Kiddie Tax Rules Restored
Overview of the Federal Tax System in 2020
Lesson 2.1 Knowledge Check
Lesson 2.2 Knowledge Check
Lesson 2.3 Knowledge Check
Lesson 2.4 Knowledge Check
Lesson 2.5 Knowledge Check
Lesson 2.6 Knowledge Check
Module 2 Quiz

MODULE 3: GROSS INCOME
Gross Income: Concepts
Accounting Methods
Accounting Method Exceptions
Gross Income I: Alimony, Discharge of Indebtedness, Annuities
Gross Income: Example
Gross Income II: Prizes, Life Insurance, Unemployment Compensation, Social Security Benefits
Module 3 Overview and Resources
Lesson 3.1 Knowledge Check
Lesson 3.2 Knowledge Check
Lesson 3.3 Knowledge Check
Lesson 3.4 Knowledge Check
Lesson 3.5 Knowledge Check
Lesson 3.6 Knowledge Check
Module 3 Quiz

MODULE 4: GROSS INCOME: EXCLUSIONS
Municipal Bond Interest, Gifts, Life Insurance Proceeds
Scholarships, Payments for Damages, Compensation for Injuries and Sickness
Meals and Lodging, Recovery of Capital Issues
Employee Fringe Benefits: Non-Discriminatory
Employee Fringe Benefits: Discriminatory
Module 4 Overview and Resources
Sharing "Goodreads"
Lesson 4.1 Knowledge Check
Lesson 4.2 Knowledge Check
Lesson 4.3 Knowledge Check
Lesson 4.4 Knowledge Check
Lesson 4.5 Knowledge Check
Module 4 Quiz

MODULE 5: DEDUCTIONS AND LOSSES: IN GENERAL
Deductions: For vs. From AGI
Trade or Business Deductions: Concepts
Timing of Deductions
Political Contributions, Lobbying, Executive Compensation
Investigation Costs
Hobby Losses
Vacation Home Rental Deductions
Vacation Home Rental Deductions: Example
Module 5 Overview and Resources
Update: Medical Expense AGI Floor
Lesson 5.1 Knowledge Check
Lesson 5.2 Knowledge Check
Lesson 5.3 Knowledge Check
Lesson 5.4 Knowledge Check
Lesson 5.5 Knowledge Check
Lesson 5.6 Knowledge Check
Lesson 5.7 Knowledge Check
Lesson 5.8 Knowledge Check
Module 5 Quiz

MODULE 6: BUSINESSS DEDUCTIONS
Introduction and Transportation Expenses
Travel Expenses
Business Expenses: Bad Debts
Business Expenses: Qualified Business Income
Net Operating Losses (NOLs)
Casualty Losses
Education Expenses
Meals, Entertainment, and Home Office Expenses
Module 6 Overview and Resources
The Section 199A Deduction for Passthroughs
Certain Business Meals 100% Deductible in Tax Years 2021 and 2022.
Lesson 6.1 Knowledge Check
Lesson 6.2 Knowledge Check
Lesson 6.3 Knowledge Check
Lesson 6.4 Knowledge Check
Lesson 6.5 Knowledge Check
Lesson 6.6 Knowledge Check
Lesson 6.7 Knowledge Check
Module 6 Quiz

MODULE 7: ITEMIZED DEDUCTIONS AND RETIREMENT PLANS
Itemized Deductions: Overview and Medical Expenses
Itemized Deductions: Taxes and Interest
Itemized Deductions: Charitable Contributions
Retirement Plans and Traditional IRAs
Non-Deductible and Roth IRAs
IRA Basis and Rollovers
Exceptions to Early Withdrawal Penalty
Module 7 Overview and Resources
Itemized Deductions
The Mortgage Interest Deduction
FOR AGI Charitable Deduction and Increase in AGI Limit for 2020 and 2021
The Charitable Deduction for Individuals
Waiver of RMDs for Tax Year 2020
Exceptions to the 10 Percent Penalty on Early Distributions
Exception for Coronavirus-related Withdrawals in Tax Year 2020
Early Withdrawals from Retirement Accounts
Lesson 7.1 Knowledge Check
Lesson 7.2 Knowledge Check
Lesson 7.3 Knowledge Check
Lesson 7.4 Knowledge Check
Lesson 7.5 Knowledge Check
Lesson 7.6 Knowledge Check
Lesson 7.7 Knowledge Check
Module 7 Quiz

MODULE 8: COMPREHENSIVE EXAMPLE
Comprehensive Example
Gies Online Programs
Module 8 Overview and Resources
Comprehensive Example Solution
Module 8 Graded Tax Return Problem Instructions
Course Wrap-Up
Congratulations!
Get Your Course Certificate
Unlock Comprehensive Example Solution
Graded Tax Return - Section 1 Gross Income & Deductions for AGI
Graded Tax Return - Section 2 Deductions from AGI
Graded Tax Return - Section 3 Dependents, Taxes, and Credits
Graded Tax Return - Section 4 Payments and Refund

Summary of User Reviews

Discover everything you need to know about Federal Taxation for Individuals with this comprehensive course on Coursera. Users have given this course a high rating, praising its clear explanations and practical approach. One key aspect that many users thought was good is the course's emphasis on real-life scenarios and practical examples.

Pros from User Reviews

Clear explanations
Practical approach
Emphasis on real-life scenarios
Useful for beginners and experts alike
Engaging and interactive

Cons from User Reviews

Some sections may be too basic for advanced learners
Not enough focus on certain topics
Some technical issues with the platform
Not suitable for those outside the US
Requires a lot of time and effort

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