From 1040 to Refund: A Beginner’s Guide

Overview

Welcome to From 1040 to Refund: A Beginner’s Guide! This comprehensive beginner’s course is designed to provide you with a solid foundation in the U.S. federal tax system, focusing on the complexities that relate to individuals, employees, and small businesses. In this course, you will gain the essential skills and knowledge needed to prepare individual tax returns accurately and efficiently. We will cover key concepts, including the preparation of individual tax returns using various forms such as Form 1040 and Schedules A, B, C, EIC, and Schedules 1, 2, and 3. You will also learn the difference between above-the-line and below-the-line deductions, understand tax rates, state tax rules, and ensure compliance with IRS regulations.

A significant part of the course focuses on understanding how to identify the correct filing status for taxpayers and determining their eligibility for various credits and deductions. You will gain proficiency in reporting different types of income and deductions, which can significantly impact a taxpayer’s liability. Additionally, you will develop the ability to read and interpret Form 1040, the U.S. Individual Income Tax Return, ensuring all necessary information is correctly reported.

This course is ideal for beginners who are new to tax preparation, individuals seeking to understand their own taxes better, and those considering a career in tax preparation.

NOTE: To take this course and to legally prepare taxes for compensation, you must obtain a Preparer Tax Identification Number (PTIN). For more information and to obtain a PTIN, please click here.

Learning Objectives:

• Obtain comprehensive basic knowledge in tax preparation for individuals and small businesses.
• Learn to complete various tax forms such as Form 1040, along with Schedules A, B, C, and EIC, and Schedules 1, 2, and 3.
• Understand how to identify the correct filing status for taxpayers and determine their eligibility for various credits and deductions.
• Gain proficiency in reporting different types of income and deductions, ensuring compliance with IRS regulations.
• Learn to accurately determine a taxpayer’s eligibility for various credits and deductions, which can significantly impact their tax liability.
• Develop the ability to read and interpret Form 1040, the U.S. Individual Income Tax Return, to ensure all necessary information is correctly reported.
• Learn about the ethical considerations in tax preparation, as well as the penalties for non-compliance and fraudulent reporting.

After completing this course, students will have the necessary skill set and confidence to start preparing individual and small business tax returns. At the end of the course, participants will be required to pass a comprehensive final exam, with unlimited attempts, covering all topics addressed throughout the course. The exam is open book, and the downloadable PDF containing the course material is available on the first page of the course. A minimum score of 70% is necessary to satisfy the Continuing Education (CE) requirement and to obtain a Certificate of Completion. Tax IQ Academy will report successful course completions to the IRS within three business days.