Basic Income Tax Course

Our BASIC income tax courses are offered in three segments:

BASIC INCOME TAX (BIT) COURSE 1: Introduces basic tax concepts such as filing information, exemptions, basic credits, and more.

• Filing information and IRS e-file
• Exemptions and dependents
• Filing status and standard deduction
• W-2, tax table and tax rate schedule
• Common nonrefundable credits: Child Tax Credit, Dependent Care Credit, Education Credits, and the Retirement Savings Contributions Credit
• Common refundable credits: Earned Income Tax Credit, Additional Child Tax Credit, and excess Social Security taxes paid
• Simple Schedule A: medical expenses, taxes and taxable state refund, mortgage interest, charitable contributions, and gambling expenses

BASIC INCOME TAX (BIT) COURSE 2: Teaches dividends, capital gains, IRAs, employee business expenses, and other miscellaneous expenses, and more.

• Taxable Social Security benefits
• Pension distributions
• Simple Schedule C (no depreciation), standard mileage for vehicles, Schedule Self Employment, SE tax adjustment to income
• IRA distributions
• Other income and adjustments
• Estimated tax payments, balance due, extensions and course review

BASIC INCOME TAX (BIT) COURSE 3: covers depreciation, Schedule E and basis of property, and more. 

• Sale of capital assets
• Depreciation Part I, including section 179 deduction
• Depreciation Part II, including actual vehicle expenses
• Other Common Forms — Review of the office-in-home, amended returns, installment agreement, injured and innocent spouse

Additional BIT courses include:

• Form W-2
• This module provides a detailed explanation of the standard IRS Form W-2 and other types of W-2s, such as military, US Postal Service, Railroad, nonstandard, and corrected W-2s. It covers the different kinds of information reported on Form W-2 and how to enter that information on the tax return. Form 4852, Substitute for Form W-2, is also covered. 
• Basic Credits

• This course covers the requirements for calculating and claiming the following credits:

  • - Child and Dependent Care Credit
  • - Child Tax Credit
  • - Retirement Savings Contribution Credit
  • - Additional Child Tax Credit 
• Earned Income Tax Credit
• This module covers the rules and regulations governing the Earned Income Tax Credit (EITC), specific EITC due diligence requirements, and how to determine when to claim the EITC on a tax return.
• Simple Schedule A
• Includes: medical expenses, taxes and taxable state refund, mortgage interest, charitable contributions, and gambling expenses
• General State Information
• This course covers the fundamentals of preparing state income tax returns, including how to determine whether a state return is required and when to apply credits and deductions. It also covers state filing requirements, sources of income and residency status, multiple state returns, and other various topics. 
• Filing Status
• This course covers the factors that determine a taxpayer’s filing status and how it impacts their filing requirements, standard deduction, tax rate, deductions and credits. It also covers completing the Label, Filing Status, and Sign Here sections of Form 1040, as well as filing a tax return with or for a deceased taxpayer. 
• Exemptions and Dependents
• This course explains the rules for personal and dependent exemptions, including when and how to claim these exemptions. It also covers rules for a qualifying child or relative, how to determine dependent status, and the total number of exemptions allowed on a return.