US Income Taxes - Income Tax Preparation Simplified for You from Udemy

What's inside

Learning objectives

Understand basic federal income tax laws and how it applies to your own your own personal or household situation
Prepare and file your own basic federal and state income tax return
E-file your federal and state income tax return safely and securely for free.
Be in control of your income tax liability and refunds

Plan for your own personal income taxes in the future.
Discover, learn and apply the federal credits and deductions that are available to you as a taxpayer and your dependents
Gain and extend your knowledge of basic income taxes as a tool for your personal financial planning.
Save an average of $200/year by preparing and filing your own return.

Understand basic federal income tax laws and how it applies to your own your own personal or household situation
Prepare and file your own basic federal and state income tax return
E-file your federal and state income tax return safely and securely for free.
Be in control of your income tax liability and refunds
Plan for your own personal income taxes in the future.
Discover, learn and apply the federal credits and deductions that are available to you as a taxpayer and your dependents
Gain and extend your knowledge of basic income taxes as a tool for your personal financial planning.
Save an average of $200/year by preparing and filing your own return.

Syllabus

Dr. Majo Jacinto's Student Testimonials

Learn about minimum filing requirements, form(s) to use and your filing status

Distinguish when you must or should file your federal income tax return.

What's difference between 1040EZ, 1040A and 1040.

Learn the 5 filing statuses and which is most appropriate for you.

Quiz Description

Who qualify as personal exemptions?

Who can you claim as dependents?

Learn the steps to calculate your taxable income & liability.

Learn if your income sources are taxable or nontaxable.

Learn about the forms that used to report common sources of income..

Use a Schedule C to report your income and expenses.

Capital assets - where capital gains and losses are reported. What are the loss limits? Capital gains in selling your main residence.

How and where is retirement income reported on your 1040.

Rental Income, Income from Partnerships, S Corporations & trusts - how are they reported.

Reporting unemployment benefits and how taxes can be withheld on benefits.

Calculate taxable portion of Social Security income.

Reporting other income sources.

Types of Education Credits and the qualifying factors.

The effect of adjustments to income on your tax liability

Prevailing standard deduction rates based on your filing status.

Prepare a Schedule A to itemize your expenses.

How to calculate your TAX based on published income tax rates.

How to qualify for child and dependent care credits.

Criteria to qualify for child tax credit.

Additional taxes to your existing income tax liability based on adjusted gross income.

Amounts applied against your tax liability.

Qualifying conditions for Earned Income Credit.

Calculate your refund or tax due.

How to file your State Income Tax and E-file your taxes for free.

Walk-through of a sample return and the site (free software) to file your return for free.

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Read about what's good

what should give you pause

and possible dealbreakers

Provides a practical approach to understanding tax laws and preparing a 1040 form, empowering individuals to manage their taxes effectively

Covers various income sources, deductions, and credits, offering a comprehensive overview of factors influencing tax liability and potential refunds

Includes quizzes and supplemental resources to reinforce learning, which helps learners retain information and apply it to their own tax situations

Teaches how to e-file federal and state income tax returns safely and securely for free, which reduces barriers to filing taxes

Updated for the 2016 tax season, which means that some of the information may not be relevant to the current tax year

Reviews summary

Basic us tax preparation explained

According to students, this course offers a solid introduction to preparing basic US federal income tax returns (Form 1040). Many learners praised the instructor's clear explanations and ability to make complex topics understandable, noting the lectures were well-organized and easy to follow. The course is seen as particularly helpful for those new to filing their own taxes or needing a step-by-step guide for simple situations. However, a significant point raised by recent reviewers is that the course content, particularly regarding tax laws and forms, is outdated as it references the 2015 tax season. This makes it less useful for current filing years and a potential drawback for those needing the latest information. While good for foundational understanding, it may not cover more complex tax scenarios.

Provides a strong foundation for basic filing.

"This course was a great introduction to preparing a basic 1040 form."

"If you have a very simple tax situation, this course covers the basics well and gives you confidence."

"As someone new to doing my own taxes, I felt this course gave me a good starting point."

"It walks you through the fundamentals step-by-step."

Instructor makes complex tax topics understandable.

"Dr. Jacinto, you were a great instructor. Your lectures were clear, precise and showed real "teacher" abilities. You enunciate so well and very easy to understand and follow."

"I found the instructor's explanations to be very clear and easy to follow, even though taxes can be confusing."

"The way the material was presented made a complicated subject seem much simpler."

May not cover complex tax situations.

"It was too basic for my needs; I have some investments and self-employment income not covered in detail."

"Didn't go into enough depth on specific deductions or credits beyond the standard ones."

"If your tax situation is complex, this course might not be sufficient on its own."

Course material references previous tax years.

"The course content is unfortunately very outdated, referencing the 2015 tax year, which isn't relevant for filing current taxes."

"While the principles are ok, the specific forms and numbers are for 2015. This wasn't clear before I enrolled and makes it not useful for filing now."

"I was hoping to use this to file my taxes this year, but the information provided is several years old."

"Needs a major update to be useful for the current tax season."

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 US Income Taxes - Income Tax Preparation Simplified for You with these activities:

Review Basic Accounting Principles

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Reinforce your understanding of fundamental accounting concepts, which are essential for grasping income tax calculations and reporting.

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Review the basic accounting equation (Assets = Liabilities + Equity).
Familiarize yourself with key financial statements (income statement, balance sheet, cash flow statement).
Understand the difference between cash and accrual accounting methods.

Read 'Tax Savvy for Small Business' by Frederick Daily

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Gain a deeper understanding of tax strategies and deductions applicable to various income sources, especially Schedule C businesses.

View Stand Up to the IRS on Amazon

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Obtain a copy of 'Tax Savvy for Small Business'.
Read the chapters relevant to your specific income sources and deductions.
Take notes on key tax strategies and rules.

Create a Tax Deduction Checklist

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Reinforce your knowledge of available tax deductions by creating a personalized checklist based on your own financial situation.

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Review the course materials on tax deductions.
Identify deductions relevant to your income and expenses.
Create a checklist with descriptions and requirements for each deduction.

Four other activities

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Develop a Tax Planning Spreadsheet

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Create a spreadsheet to estimate your future tax liability and plan for deductions and credits throughout the year.

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Identify key income and expense categories.
Create formulas to calculate estimated tax liability.
Incorporate deductions and credits into the spreadsheet.
Use the spreadsheet to track income and expenses throughout the year.

Complete Practice Tax Returns

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Solidify your tax preparation skills by working through various practice tax return scenarios, focusing on common deductions and credits.

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Find sample tax forms and instructions online.
Create hypothetical income and expense scenarios.
Complete the tax forms based on the scenarios.
Compare your results with solutions or a tax professional.

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

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Deepen your understanding of self-employment taxes, including estimated taxes, deductions, and record-keeping requirements.

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 Tax'.
Read the chapters relevant to your self-employment situation.
Take notes on key tax rules and strategies.

Volunteer at a Tax Clinic

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Apply your tax knowledge by volunteering at a tax clinic, assisting low-income individuals with tax preparation and filing.

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Research local tax clinics or VITA (Volunteer Income Tax Assistance) programs.
Apply to volunteer and complete any required training.
Assist clients with tax preparation under supervision.

Career center

Learners who complete US Income Taxes - Income Tax Preparation Simplified for You will develop knowledge and skills that may be useful to these careers:

Tax Preparer

A tax preparer helps individuals and businesses file their taxes accurately and on time. They must understand tax law and stay up-to-date on any changes. This course helps those interested in becoming a tax preparer by walking them through how to prepare a basic 1040 form. It teaches about itemized deductions, exemptions, credits, taxable income, and tax liability. Someone interested in becoming a tax preparer, perhaps even self-employed, would find value in the practical hands-on approach of this course. The course additionally covers different types of income, standard deductions, and how to calculate tax based on published income tax rates. It also shows students how to e-file their federal and state tax return safely and securely for free.

See salaries and explore the career path for Tax Preparer

Tax Staff Accountant

Tax staff accountants are involved in preparing and filing tax returns for businesses or individuals. This role requires a detailed understanding of tax laws and regulations. This course is a good place to start as it walks students through how to prepare a basic 1040 form from start to finish. It also covers itemized deductions, exemptions, credits, taxable income, and tax liability. Aspiring tax staff accountants can extend their knowledge of basic income taxes.

See salaries and explore the career path for Tax Staff Accountant

Personal Finance Advisor

Personal finance advisors provide advice and guidance to individuals on managing their finances, including budgeting, saving, investing, and tax planning. This course can help build a foundation for understanding the tax implications of financial decisions. It allows students to discover and apply federal credits and deductions. They will also learn how to plan for their own personal income taxes in the future. The course will be useful for anyone pursuing a career as a personal finance advisor, as it will provide deeper knowledge in the area of taxation, which would benefit their clients.

See salaries and explore the career path for Personal Finance Advisor

Revenue Agent

Revenue agents, also known as tax inspectors or tax investigators, work for government agencies to ensure compliance with tax laws. While enforcement is not the focus of this course, it can provide a foundational understanding of how individual income taxes are prepared and filed. The course walks you through how to prepare a basic 1040 from the beginning to the end. This includes itemized deductions, the number of exemptions to claim, the credits that you may qualify for, your taxable income, tax liability, tax refund or tax due. Aspiring revenue agents can see how taxpayers arrive at their tax obligations.

See salaries and explore the career path for Revenue Agent

Tax Advisor

Tax advisors provide guidance to individuals and businesses on tax planning and compliance. They analyze financial situations, identify tax-saving opportunities, and ensure adherence to tax laws. This course may be useful as it provides foundational knowledge of tax preparation, including understanding income tax laws and how they apply to personal or household situations. Through the course, students learn about deductions and credits, as well as how to calculate tax liability. Those seeking to become tax advisors should take this course to gain a better understanding of how taxes work and affect individuals.

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Payroll Specialist

Payroll specialists manage the payroll process, ensuring that employees are paid accurately and on time. They also handle tax withholdings and reporting. This course may be helpful as it provides knowledge of tax laws and regulations related to income taxes. Payroll specialists can benefit from the knowledge of how to calculate tax liability and understand various deductions and credits. The course may be useful for payroll specialists who want to understand the tax implications of their work.

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Bookkeeper

Bookkeepers are responsible for recording financial transactions, maintaining accurate records, and preparing financial reports. A good understanding of tax implications for various transactions is essential in bookkeeping. This course may be helpful as it covers topics such as income reporting, deductions, and credits, which directly affect financial record keeping. Learning how to use Schedule C to report income and expenses, knowledge gained from this course, can be particularly useful. Aspiring bookkeepers can use this course to gain insight into the tax aspects of their work.

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Accounting Clerk

Accounting clerks perform a variety of clerical and administrative tasks related to accounting and finance. One task is helping to prepare financial documents, such as tax returns, and so this course may be useful. This course can provide a basic understanding of income tax preparation. Accounting clerks can also learn about deductions and credits. This course could be valuable for those who want to understand how taxes are calculated and reported.

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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 a valuable asset for real estate agents. This course may be useful as it provides a solid foundation in personal income tax laws, deductions, and credits. Real estate agents that take the course will have a better appreciation as to how capital gains taxes may affect a sale. This course may be helpful for those who want to understand how tax impacts real estate.

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Budget Analyst

Budget analysts help organizations manage their finances by developing and monitoring budgets. While this role is broader than tax preparation, understanding the impact of taxes on personal finances is very valuable. This course may be helpful as it provides a solid foundation in personal income tax laws, deductions, and credits. Budget analysts would understand how these factors influence individuals' financial decisions by learning about income taxes, deductions, and credits. This course may be useful for those who want to gain a better understanding of the tax factors that affect budgeting.

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Auditor

Auditors examine financial records to ensure accuracy and compliance with laws and regulations. A firm grasp of tax law is important. Although the focus of taxation in this course is on personal income taxes, it may be useful for someone who wants to understand the basic principles of tax preparation. The course walks students through how to prepare a basic 1040, which includes itemized deduction, exemptions, credits, taxable income, and tax liability. Because it is a simplified tax course, auditors may find this course to be a helpful refresher.

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Tax Attorney

Tax attorneys specialize in tax law, providing legal advice and representation to individuals and businesses. This career typically requires an advanced degree. This course may be useful as it provides a basic understanding of federal income tax laws and how they apply to personal situations. While the course focuses on basic tax preparation, it can help provide a foundation for understanding more complex tax issues. Those considering a career as a tax attorney may find this course helpful in gaining an overview of the fundamentals.

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Financial Analyst

Financial analysts evaluate financial data, analyze market trends, and provide investment recommendations to businesses and individuals. While this role is broader than tax preparation, understanding the impact of taxes on financial performance is valuable. This course may be useful because it provides a solid foundation in personal income tax laws, deductions, and credits. Financial analysts would benefit from the deep understanding of tax principles that comes from learning how to prepare a 1040 form. This course would be helpful for those who want to understand how tax policies could affect their analyses.

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Estate Planner

Estate planners help individuals plan for the management and distribution of their assets after their death, often involving complex tax considerations. This course may be helpful as it covers basic federal income tax laws. The course can assist those who want to apply the federal credits and deductions that are available as a taxpayer and their dependents, and it may inform their approach to estate planning. Estate planners may find that the course supplements their work.

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Business Consultant

Business consultants advise organizations on how to improve their performance and efficiency. Understanding the tax implications of business decisions is often part of the process, making this course potentially useful. The course will provide a solid foundation in understanding how to file using Schedule C via the 1040 form. Business consultants can see how understanding income tax credits and deductions could assist them in advising their clients. The course may be useful for those who want to broaden their understanding of business taxes.

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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 US Income Taxes - Income Tax Preparation Simplified for You.

Stand Up to the IRS

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Provides practical tax advice tailored for small business owners. It covers deductions, credits, and strategies to minimize tax liabilities. It offers real-world examples and case studies to illustrate complex tax concepts, making it a valuable resource for understanding the tax implications of business decisions. This book expands on the course by providing specific guidance for business-related tax issues.

Stand Up to the IRS

Kindle Edition

J.K. Lasser's Small Business Taxes 2025

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This guide focuses specifically on the tax implications of self-employment. It covers topics such as estimated taxes, deductible business expenses, and retirement planning for the self-employed. It provides detailed explanations of relevant tax laws and regulations, along with practical advice for minimizing tax liabilities. adds depth to the course by providing specialized knowledge for self-employed individuals.

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

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US Income Taxes - Income Tax Preparation Simplified for You

What's inside

Learning objectives

Syllabus

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Reviews summary

Basic us tax preparation explained

Activities

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Reading list

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