Tax Preparation and Law 2023, 2022, & 2021 from Udemy

Are you looking for a comprehensive income tax preparation course? Look no further. This course is your ultimate resource, providing you with presentations, downloadable PDF files, practice problems, and comprehensive step-by-step instructions.

As an updated course, current students will have access to all the latest information and updates for the tax seasons. We greatly value the feedback and support we've received from our colleagues and learners, which has helped us enhance the course content and make it even more valuable.

Starting with the basics, this course introduces the concept of income tax and tax law, explaining how it is formatted. Through practical examples and visuals, we break down the tax system, providing you with a clear understanding of each component. You'll have the opportunity to apply the concepts through practice problems that simulate real-world scenarios.

Step by step, we'll guide you through the process of filling out a tax form, helping you understand the tax formula. We'll delve into important topics like filing status, dependents, and their impact on the tax formula. Additionally, we'll cover what is included and not included in gross income, discussing the taxation implications for each category.

You'll also learn about adjustments for adjusted gross income (above the line deductions), exploring primary deduction categories and their calculations. Itemized deductions reported on Schedule A will be thoroughly discussed, providing practical examples to enhance your understanding.

For individuals with self-employment income, we'll cover the reporting of self-employment taxes using Schedule C. We'll address self-employment tax, including social security and Medicare, as well as the eligibility criteria for the 20% deduction available to many small businesses.

Calculating capital gains using Schedule D will be demystified through practical examples, ensuring you grasp the intricacies of this topic. Furthermore, we'll guide you through reporting rental property using Schedule E, offering examples to simplify the process.

The course also covers various tax credits, such as the child tax credit, earned income credit, and education credits. You'll gain a comprehensive understanding of each credit and explore practical examples.

Join us on this comprehensive journey to become proficient in income tax preparation. Enroll now and gain the knowledge and confidence needed to handle your taxes accurately and effectively.

Note: This course is designed for United States tax filers.

What's inside

Learning objectives

Analyze tax laws to accurately determine income tax obligations and compliance requirements.
Apply tax formulas and calculations to calculate taxable income with precision and optimize deductions.
Evaluate the impact of different filing statuses on tax liabilities and identify the most advantageous option.
Assess various components of gross income for tax purposes, ensuring comprehensive and accurate reporting.
Apply above-the-line deductions to adjust income effectively, maximizing tax benefits.
Calculate and optimize itemized deductions, including mortgage interest, medical expenses, and charitable contributions.
Understand self-employment tax reporting using schedule c and utilize the 20% small business deduction effectively.

Calculate capital gains and losses using schedule d, considering applicable tax rates and holding periods.
Accurately report rental property income and expenses using schedule e, optimizing deductions and depreciation.
Evaluate eligibility and navigate the complexities of tax credits, such as the child tax credit, earned income credit, and education credits.
Solve complex tax scenarios and address common tax challenges through comprehensive problem-solving exercises.
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Analyze tax laws to accurately determine income tax obligations and compliance requirements.
Apply tax formulas and calculations to calculate taxable income with precision and optimize deductions.
Evaluate the impact of different filing statuses on tax liabilities and identify the most advantageous option.
Assess various components of gross income for tax purposes, ensuring comprehensive and accurate reporting.
Apply above-the-line deductions to adjust income effectively, maximizing tax benefits.
Calculate and optimize itemized deductions, including mortgage interest, medical expenses, and charitable contributions.
Understand self-employment tax reporting using schedule c and utilize the 20% small business deduction effectively.
Calculate capital gains and losses using schedule d, considering applicable tax rates and holding periods.
Accurately report rental property income and expenses using schedule e, optimizing deductions and depreciation.
Evaluate eligibility and navigate the complexities of tax credits, such as the child tax credit, earned income credit, and education credits.
Solve complex tax scenarios and address common tax challenges through comprehensive problem-solving exercises.
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Show less

Syllabus

2023-2024 - Introduction

1010 Why & How To Learn Tax Law

Quizlet Resource

1020 Methods & Tools for Learning Tax Law

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Breaks down the tax system with practical examples and visuals, which is helpful for those new to tax preparation or those seeking a refresher

Covers self-employment tax reporting using Schedule C, which is essential knowledge for freelancers and small business owners

Includes the latest information and updates for the 2021, 2022, and 2023 tax seasons, which is crucial for accurate tax preparation

Requires learners to have access to tax software, which may require a subscription or one-time purchase

Focuses on United States tax filers, which may not be relevant to learners in other countries

Teaches tax law for 2021, 2022, and 2023, which may not be relevant to learners looking to prepare taxes for other years

Reviews summary

Comprehensive us tax law & prep guide

According to learners, this course offers a comprehensive and detailed overview of US tax preparation and law. Many highlight the practical examples and step-by-step walkthroughs as particularly helpful for understanding complex concepts and forms like Schedule C. A significant positive point is the course's commitment to providing timely updates for the latest tax years, which is crucial in this field. While praised for its depth, some students note that the pace can be fast or the amount of information overwhelming, suggesting it may be more suitable for those with some prior background or who are prepared for intensive study. Overall, it is seen as a valuable resource for gaining a solid foundation or refreshing knowledge in US tax preparation.

Extra reading needed for full clarity.

"I needed to supplement with IRS publications for certain nuances."

"Okay overall, but be prepared to do extra reading."

"Felt some areas needed more depth... not for advanced topics."

Real-world examples clarify complex concepts.

"The examples are practical and easy to follow."

"The explanations for complex topics like passive activities or capital gains were helpful."

"Loved the step-by-step walkthroughs."

"The practice problems were helpful for applying concepts."

Offers in-depth explanations of tax topics.

"This course is incredibly comprehensive. It covers all the major schedules and topics needed for individual and small business tax prep."

"Very thorough. The best part was the breakdown of different income types and deductions."

"I found this course a great refresher and update on the latest changes. The detail on itemized deductions and credits was particularly useful."

"Very detailed and covers a wide range of topics."

Material is kept current with tax law changes.

"The updates for the current year were prompt and clearly explained."

"The recent updates improved it."

"I used this course to prepare for tax season and felt much more confident. The updates for the current year were prompt..."

Can be challenging or fast-paced for some.

"It's a lot of information. Good detail on forms like Schedule C."

"Some explanations were rushed. I found it difficult to follow without a prior accounting background..."

"The amount of information can be overwhelming, but it's necessary for the subject."

"I felt some areas needed more depth, especially complex business structures..."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Tax Preparation and Law 2023, 2022, & 2021 with these activities:

Review Key Tax Concepts from Prior Years

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Reinforce your understanding of fundamental tax concepts from previous years to build a solid foundation for the current year's updates and changes.

Browse courses on Tax Law

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Review notes and summaries from previous tax courses or materials.
Complete practice problems related to key tax concepts.
Identify areas where your understanding is weak and focus your review.

Read 'Tax Guide for Small Business'

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Gain a deeper understanding of tax obligations for small businesses, including self-employment tax and deductions, by studying this comprehensive IRS guide.

View Tax Guide 2016 for Individuals: Publication 17 on Amazon

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Obtain a copy of 'Tax Guide for Small Business'.
Read the chapters related to small business tax obligations.
Work through the examples provided in the book.

Read 'J.K. Lasser's Guide to Self-Employment Taxes'

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Deepen your understanding of self-employment taxes, a crucial area covered in the course, by exploring real-world examples and practical advice.

View J.K. Lasser's Small Business Taxes 2025: Your... on Amazon

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Obtain a copy of 'J.K. Lasser's Guide to Self-Employment Taxes'.
Read the chapters related to self-employment tax calculations and deductions.
Work through the examples provided in the book.

Three other activities

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Create a Video Explaining a Tax Credit

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Solidify your understanding of a specific tax credit (e.g., Child Tax Credit, Earned Income Credit) by creating a short video explaining its eligibility requirements and benefits.

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Choose a tax credit to focus on.
Research the eligibility requirements and benefits of the chosen tax credit.
Write a script for the video.
Record and edit the video.

Develop a Tax Scenario Analysis Template

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Create a reusable template for analyzing various tax scenarios, incorporating key elements from the course such as filing status, deductions, and credits.

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Identify the key variables needed for tax scenario analysis.
Design a spreadsheet or document template to capture these variables.
Incorporate formulas and calculations for deductions, credits, and tax liability.
Test the template with different scenarios from the course.

Calculate Capital Gains and Losses

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Practice calculating capital gains and losses using Schedule D to reinforce your understanding of holding periods, tax rates, and reporting requirements.

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Gather information on various stock transactions, including purchase and sale dates and prices.
Determine the holding period for each transaction (short-term or long-term).
Calculate the gain or loss for each transaction.
Use Schedule D to report the capital gains and losses.

Career center

Learners who complete Tax Preparation and Law 2023, 2022, & 2021 will develop knowledge and skills that may be useful to these careers:

Tax Preparer

A Tax Preparer helps individuals and businesses file accurate tax returns, ensuring compliance with tax laws. This role involves understanding tax regulations and applying them to specific financial situations. This course introduces the concept of income tax and tax law while explaining its format with practical examples. Tax Preparers can greatly benefit from the course's detailed coverage of tax form completion, filing statuses, and understanding of gross income inclusions and exclusions. The course's modules on adjustments for adjusted gross income, itemized deductions, and self-employment income reporting are particularly valuable, helping Tax Preparers provide comprehensive and accurate services to their clients. You will also learn to calculate capital gains, report rental properties, and navigate tax credits.

See salaries and explore the career path for Tax Preparer

Tax Preparer Assistant

A Tax Preparer Assistant supports tax preparers by handling administrative tasks, gathering client information, and assisting in the preparation of tax returns. This course is a resource that helps the Tax Preparer Assistant learn more about the world of tax preparation. The course’s instruction of the tax system helps the assistant further build a knowledge base. Learning the rules and guidelines of tax liabilities prepares the assistant to take on more responsibilities. The course’s coverage of gross income and deductions is directly relevant to assisting clients with the information gathering process.

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Small Business Owner

Small Business Owners manage all aspects of their business, including financial and tax responsibilities. This course can be highly valuable for Small Business Owners who want to handle their own tax preparation. The course's coverage of income tax, tax law, and form completion provides a solid foundation for understanding tax obligations. Small Business Owners will appreciate the detailed sections on self-employment tax reporting using Schedule C and the 20% small business deduction. Also, you'll get knowledge about capital gains using Schedule D, and rental property reporting using Schedule E. This course can reduce the need for hiring external tax professionals.

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Tax Consultant

Tax Consultants advise clients on tax planning and compliance, helping them minimize tax liabilities while adhering to legal requirements. They require in-depth knowledge of tax laws and financial principles. Aspiring Tax Consultants will find this course highly beneficial because it provides a comprehensive overview of income tax preparation, covering essential topics such as tax law fundamentals and the tax formula. You will also learn about filing statuses, dependents, and the composition of gross income. The course's detailed exploration of adjustments, deductions, and credits equips Tax Consultants with the tools to offer strategic tax advice. The schedule C coverage for self-employment, schedule D for capital gains, and schedule E for rental properties will further broaden horizons for tax professionals.

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Tax Analyst

A Tax Analyst specializes in examining and interpreting tax-related data, ensuring compliance and identifying areas for improvement in tax processes. The course's detailed approach to tax laws and formulas helps equip Tax Analysts with knowledge to refine calculations and optimize deductions. Tax Analysts will find the practical examples and visual aids useful. The course's coverage of self-employment taxes, capital gains and losses, and rental property reporting are particularly beneficial for Tax Analysts.

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Accountant

Accountants prepare and analyze financial records, ensuring accuracy and compliance. They often assist with tax preparation duties. Accountants can use this course to gain specialized knowledge in tax preparation, enhancing their ability to assist clients with tax-related matters. The course's thorough coverage of tax law, form completion, and various income adjustments helps build a strong foundation in taxation. Accountants will appreciate the course's practical examples and step-by-step instructions. You'll also learn about itemized deductions, self-employment taxes, capital gains, and rental property reporting. This knowledge enables Accountants to provide more comprehensive financial services to their clients. This knowledge helps you improve the precision of your tax-related accounting work.

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Government Tax Auditor

Government Tax Auditors work for tax agencies, such as the Internal Revenue Service, to examine tax returns and financial records to ensure compliance with tax laws. Government Tax Auditors will likely find that the course's coverage of tax law and practical examples would be useful. You will also learn about filing statuses, deductions, and self-employment taxes. An understanding of these principles could help identify discrepancies in reported income, deductions, and credits. The course’s detailed coverage and step-by-step approach to tax form completion can prepare auditors.

See salaries and explore the career path for Government Tax Auditor

Financial Advisor

Financial Advisors provide guidance to clients on investments, retirement planning, and overall financial management. A solid understanding of tax implications is a valuable asset. This course may be useful for Financial Advisors who want to enhance their knowledge of income tax preparation. The course's coverage of various deductions, credits, and income adjustments helps Financial Advisors advise clients on tax-efficient financial strategies. Moreover, the segments on capital gains and losses along with rental property income will further improve your ability to give sound advice. By understanding these concepts, Financial Advisors can integrate tax planning into their broader financial advisory services, offering clients a more holistic approach to wealth management.

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Bookkeeper

Bookkeepers record financial transactions and maintain financial records. This is a critical role for businesses of all sizes. This course may be useful for Bookkeepers who want to expand their skills to include tax preparation. The course's overview of income tax, tax law, and form completion helps add to foundational knowledge in taxation. The course's practical examples and step-by-step instructions will also improve comprehension of tax concepts. The sections on self-employment tax reporting, capital gains calculation, and rental property reporting on schedules C, D, and E respectively, are particularly beneficial as they will apply to many small businesses and individual clients. Bookkeepers can use this knowledge to offer additional value to their clients.

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Payroll Specialist

Payroll Specialists manage employee compensation, including calculating wages, withholding taxes, and ensuring compliance with payroll regulations. This course may be useful to Payroll Specialists seeking a broader understanding of tax implications. The course's coverage of income tax, gross income components, and adjustments provides Payroll Specialists with valuable insights beyond basic payroll calculations. Understanding topics like above-the-line deductions and tax credits relevant to employees enhances the Payroll Specialist's ability to address employee inquiries and manage payroll-related tax matters effectively. By understanding how payroll impacts overall tax obligations, specialists can perform their duties with more accuracy and foresight.

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Auditor

Auditors examine financial records to ensure accuracy and compliance with laws and regulations. Auditors often review tax filings as part of their work. A course may be useful for Auditors who want to deepen their understanding of income tax preparation. The course's analysis of tax laws, tax formulas, and the components of gross income helps Auditors better assess the accuracy and completeness of tax filings. The detailed coverage of itemized deductions and self-employment tax reporting provides Auditors with the tools to identify potential discrepancies and ensure compliance with tax regulations. This will enhance the ability of Auditors to conduct thorough and effective audits.

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Real Estate Agent

Real Estate Agents assist clients in buying, selling, or renting properties. Understanding the tax implications of real estate transactions is beneficial. This course may be useful for Real Estate Agents who want to better advise their clients on the tax aspects of property ownership. The course's coverage of rental property reporting using Schedule E is particularly relevant, allowing agents to guide clients on tax deductions and income reporting related to rental properties. Additionally, understanding capital gains tax implications helps agents inform clients about the tax consequences of selling property. This knowledge empowers Real Estate Agents to offer valuable tax-related insights.

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Tax Researcher

Tax Researchers delve deeply into tax laws, regulations, and court cases, offering expertise to guide tax planning and ensure compliance. This role typically requires advanced degrees in law or a related field. This course, with its comprehensive approach to tax preparation, can help Tax Researchers build a strong understanding of tax concepts and processes. The course’s coverage of gross income, deductions, and credits, as well as its practical examples, may be useful. With a deeper understanding of tax requirements, tax researchers can provide support to help the organization.

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Estate Planner

Estate Planners help clients plan for the management and distribution of their assets after their death, often addressing tax implications. Estate Planners often need a strong grasp of tax law and its implications for estates and beneficiaries. While the course may be introductory, you will learn to analyze tax laws to accurately determine income tax obligations and compliance requirements. You will also apply tax formulas and calculate taxable income and optimize deductions. This helps Estate Planners provide informed advice on minimizing estate taxes and maximizing the value of assets passed on to heirs. An advanced degree such as a Master's degree is typically required to become an Estate Planner.

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Tax Attorney

Tax Attorneys specialize in tax law, advising clients on complex tax issues and representing them in tax disputes. Typically, this role requires an advanced degree. The course may be useful as a foundational element for aspiring Tax Attorneys by introducing the core concepts of income tax and relevant tax law. The course's approach focuses on presenting tax laws, tax formulas, and gross income components. However, advanced degrees in law are required to practice as an attorney.

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Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Tax Preparation and Law 2023, 2022, & 2021.

J.K. Lasser's Small Business Taxes 2025

Save

Provides a comprehensive guide to understanding and navigating self-employment taxes. It covers topics such as calculating self-employment tax, deducting business expenses, and understanding the 20% qualified business income (QBI) deduction. It valuable resource for students who want to deepen their understanding of self-employment tax issues. This book is particularly useful for students who plan to work with self-employed clients or who are self-employed themselves.

J.K. Lasser's Small Business Taxes 2025: Your...

Paperback

Tax Guide 2016 for Individuals

Save

This IRS publication provides a comprehensive overview of tax obligations for small businesses. It covers topics such as business income and expenses, self-employment tax, and deductions. It valuable resource for students who want to deepen their understanding of small business tax issues. is particularly useful for students who plan to work with small business clients or who are small business owners themselves.

Tax Guide 2016 for Individuals: Publication 17

Paperback

Tax Preparation and Law 2023, 2022, & 2021

What's inside

Learning objectives

Syllabus

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Reviews summary

Comprehensive us tax law & prep guide

Activities

Career center

Reading list

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