Financial Lessons I Should'Ve Learned In School-Taxes

Taxes Made Simple

What you'll learn
Define the most common tax related terms
Introduction and explanation of the most common portions of tax law
Understand and define the four considerations that impact tax liability
Understand tax resolution and available options
Distinguish between and identify potential adjustments, deductions, and credits available
Requirements
No pre-requisites required. You will learn everything you need to know during this course.
Description
This course will give you a basic understanding of tax law and concepts.  It will help you calculate your tax liability and access legal ways to avoid owing the IRS.  It will also clear common misconceptions related to taxes and tax law.  The resources for this course will provide you with practice examples and include a fillable tax liability estimator.  You will learn the difference between standard and itemized deductions, liens and levies, and the three different types of income used on a common 1040 tax return.  You will also learn the two most common types of tax resolution and how best to access these for your benefit.  The course includes information on how to identify and determine if a dependent considered qualifies as such as defined by the IRS.You will learn how to identify your tax filing status and use this status along with your taxable income to calculate your tax liability.  You will also learn about special situations and how they impact your tax liability.  The differences between the definition and application of adjustments, deductions, and credits will also be highlighted and explained to help users determine which they qualify for and how these will impact their tax situation. 

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: Dependents

Lecture 2 Dependents

Section 3: Tax Filing Status

Lecture 3 Tax Filing Status

Section 4: Tax Filing Status Calculations

Lecture 4 Tax Filing Status Calculations

Section 5: Income

Lecture 5 Income

Section 6: Adjustments, Deductions, and Credits

Lecture 6 Adjustments, Deductions, and Credits

Section 7: Special Situations

Lecture 7 Special Situations

Section 8: Tax Plan

Lecture 8 Tax Plan

Section 9: Tax Liability

Lecture 9 Tax Liability

Section 10: Tax Resolution

Lecture 10 Tax Resolution

Section 11: Resources/Choosing a Tax Professional

Lecture 11 Resources and Choosing a Tax Professional

Any individual who currently or in the future will earn income can benefit from taking this course