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Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Begin
- Appreciate
- Earn
- Recruit
How To Identify, Research + Decide On Your Niche
Defining your target audience will eliminate receiving many clients that are not your ideal Tax Payers. Do you have a target in mind?
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- How To Identify, Research + Decide On Your Niche
- Defining your target audience will eliminate receiving many clients that are not your ideal Tax Payers.
- Determine which fast growing market contains your best client
- Create a Client Avatar that lets you focus on the right returns
Do you have a target in mind?
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Guide a conversation with Individuals and Businesses based on a Client Intake Sheet
- Thoroughly handle a new client interview
- Complete an Intake Sheet
- Know where to gather Client data
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Offer Bank Products
- Offer Incentives
- Plan Marketing by Day
- Showcase your value without Imposter Syndrome
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Create a New Tax Return
- Apply the correct Filing Status to a Tax Filer
- Apply for 3rd Party loans and refunds
- Use the library to find answers quickly
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Decide what form each business entity needs to establish a return for.
- Distinguish between the different forms of business.
Volunteer Income Tax Assistance
For over 50 years the Internal Revenue Service (IRS) has administered the Volunteer Income Tax Assistance (VITA) Program to provide free basic tax return preparation for low- and moderate-income taxpayers.
The IRS's Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation and to people who need assistance in preparing their own tax returns, including:
In addition to VITA, the TCE program offers free tax help, particularly for those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors.
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Understand the history of Tax Law
- Prepare the foundation for your role as a Tax Practitioner
- Learn the foundational knowledge and skills needed to prepare most Individual Federal Tax returns.
- Determining the representation of Filing Status, Exemptions and Income returns. Understand the
- Sources of Income, and the W-2 initially.
The tax code is over 70,000 pages long, so it's understandable why many people find taxes to be challenging. This course will attempt to make it not as challenging to dissect.
POPULAR TAX TERMS, SCHEDULES, & FORMS
We will discuss the top six Schedules that are trending and high in demand.
The 18 Most used Forms and Tax Acronyms to get you comfortable talking with clients and other Tax Pros.
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Explain what the Circular 230 is
- Understand the proviledge of practicing before the IRS
DETERMINING FILING STATUS
Under United States federal income tax law, filing status determines which tax return form an individual will use. Form 1040 has various parts used for reporting of income and deductions by individual taxpayers. It is important for tax preparers to know their client’s filing status and the different forms used in filing tax returns.
Personal Information and Dependents
When it comes to preparing taxes, knowing the lingo is key to understanding them. What's the difference between a tax credit, tax deduction, and an adjustment? As a tax preparer and expert in your field, clients will come to you to help them weed through all the complicated language and they need to be able to trust you will preparer their tax return with accuracy.
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Identify those persons who must file an individual federal income tax return and determine the appropriate filing status
- Identify the due dates and available extensions for filing of tax returns by individuals within the US, temporarily or permanently overseas, and in combat zones
- Correctly identify the tax treatment given to wages and salaries, tip income, fringe benefits and other miscellaneous forms of employee and non-employee compensation
- Recommend the correct filing status based on customer information
- Determine residency status based on customer information
- Identify eligible dependents
- Identify whether it's required/recommended to file a return
DEDUCTIONS VS CREDITS
Claiming a Tax Deduction or Tax Credit can help you reduce your overall Taxable Liability. Tax Credits directly reduces the amount of tax you owe, by giving you a “dollar for dollar” reduction of your tax liability of what you owe the IRS. So if you owe $2500 and your credit is $2500, this means you don’t have to pay any more in taxes.
The deductions will focus on lowering your taxable income not your liability of tax. Your liability is based on your Tax bracket for the income you brought in through the year.
So, If you are in
the 24% for 2022 tax bracket and then a $2400 deduction saves you $480 on your
tax liability. Which is $2000 x 24%. Now ask yourself which tax bracket is 24%?
• Calculate correct tax due
• Identify situations in which estimated tax payments are required
• Calculate taxes paid with extension
• Determine tax due when the refund amount from prior year was applied to current year's taxes
• Explain under payment penalties
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Feel confident knowing what Tax terms are and when to use them
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- See the red flags for an Amendment
- Know when to pass on the clients file
- Understand how to begin an Amendment
- Await the expectations of an Amendment review
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
Understand the IRS backlog. The
IRS corrected approximately 14 million returns. This resulted in nearly
12 million refunds totaling $14.8 billion, with an average refund of
$1,232.
Determine the adjustments included corrections to the:
- Earned Income Tax Credit
- Recovery Rebate Credit
- Additional Child Tax Credit
- American Opportunity Tax Credit
- Premium Tax Credit
- Advance Premium Tax Credit
- Share the current updates in the Tax Industry to ones Family, Friends, and Prospects.
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Communicate the potential consequences of incorrect returns and failure to inquire
- Earned income tax credit (EITC),
- Child tax credit (CTC), additional child tax credit (ACTC), credit for other dependents (ODC),
- American opportunity tax credit (AOTC), or
- Head of household (HOH) filing status.
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- DETERMINING BUSINESS INCOME: HOBBY VS GIG / SIDE HUSTLE'S
- HOME BASED
- BUSINESS DEDUCTIONS
- FILING BUSINESS TAXES
- RECORD KEEPING
- STANDARD MILEAGE RATE
- PAYMENT THROUGH third party
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Experience completing each of the schedules and forms common to business organizations.
- Determining Business Income: Hobby VS Gigs/Side Hustle's
- Home Based
- Business Deductions
- Filing Business Taxes
- Record Keeping
- Standard Mileage Rate
- Third Party Payments
Learning Objectives | AFTER COMPLETING THIS COURSE PREPARERS WILL BE ABLE TO:
- Who Can Take the Deduction
- Determining Qualified Trades or Businesses
- Determining Qualified Business Income