Federal Taxation I: Individuals, Employees, and Sole Proprietors from Coursera

This course is the first course in a five-course US Federal Tax Specialization. It covers and focuses on the U.S. federal tax system as it relates to individuals, employees, and sole proprietors. Key concepts covered include gross income and items that are statutorily included or excluded in it, personal and business expenses that qualify as tax deductions, and the differing tax treatments for employees versus self-employed taxpayers. Unlike many other introductory courses in tax and as part of this course’s comprehensive wrap-up, learners will be provided with practical and tangible experience reporting both income and expenses on the main individual tax return used in the US, Form 1040.

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What's inside

Syllabus

INTRODUCTION TO THE COURSE

In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.

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Develops a holistic understanding of the US federal tax system by teaching computing the tax, gross income inclusions/exclusions, and deductions/losses

Examines the US federal tax system as it relates to individuals, employees, and sole proprietors, thus making it relevant to a wide range of learners

Teaches learners to prepare a tax return on Form 1040, a tangible and practical skill

Taught by Matthew Hutchens, a credentialed instructor in the field of taxation

Part of a five-course specialization in US Federal Tax, thus offering learners the opportunity to deepen their knowledge

Requires learners to have a basic understanding of accounting and tax principles

Reviews summary

Us federal taxation: individuals & proprietors

According to learners, this course provides a solid foundation in US federal tax law for individuals and sole proprietors. Students particularly praise the excellent instructor, Professor Brian Frisch, for his clear and engaging lectures that make complex topics understandable. The course content is described as comprehensive for an introductory level, covering essential concepts like gross income, deductions, and filing status. A key strength highlighted by many is the practical application, especially the comprehensive example and Form 1040 module, which helps solidify understanding and provides tangible experience. While the course material is dense and requires dedicated study time, it is widely seen as a highly valuable and practical introduction to the subject.

Tax laws change; check for updates.

"Tax laws change year to year, so ensure the course content aligns with the current tax code."

"While the principles are solid, specific deduction limits or rules may need to be verified for the current tax season."

"It's important to remember that tax law is dynamic; the foundational concepts are great, but always check for recent legislative changes."

"The course covered the rules relevant at its creation; any subsequent tax reforms might not be included."

The Form 1040 module is highly practical.

"The final module applying all concepts to Form 1040 is incredibly valuable and practical."

"Working through the comprehensive example made the theory much more tangible and useful."

"I appreciated the practical aspect of learning how to actually report income and expenses on the tax form."

"The hands-on approach with the 1040 problem was the best part for reinforcing learning."

Provides a strong base in federal tax basics.

"This course provides a solid foundation for understanding US federal income tax for individuals and sole proprietors."

"A great introductory course that covers all the necessary basics in a structured way."

"I gained a fundamental understanding of key tax concepts like AGI, deductions, and exemptions."

"It helped me build a good base knowledge of the principles governing individual taxation in the US."

Professor Frisch delivers content clearly.

"The instructor is amazing. He explains everything clearly and in a fun way, making a dry topic interesting."

"Professor Frisch was excellent! His lectures were well-organized, clear, and easy to follow."

"Brian Frisch is truly a gem; he makes a boring subject come alive."

"The instructor's enthusiasm and clarity made learning US tax surprisingly enjoyable and understandable."

Content is dense, requires significant time.

"This course requires significant dedication and study time, as the material is quite dense."

"While the lectures are clear, you need to do the readings and practice problems to truly grasp the concepts."

"The pace can feel fast sometimes, necessitating careful review and independent study."

"Expect to spend a good amount of time outside of the videos reviewing and practicing."

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 Federal Taxation I: Individuals, Employees, and Sole Proprietors with these activities:

Review US Tax Code

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Review the Internal Revenue Code and other relevant tax laws to refresh your knowledge of the legal framework governing US taxation.

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Access the IRS website and download the current Internal Revenue Code.
Focus on reviewing the sections of the code that are most relevant to individuals, employees, and sole proprietors.

Connect with Tax Professionals

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Establish connections with tax professionals, such as accountants or attorneys, to seek guidance and insights on tax-related matters.

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Attend industry events and conferences.
Reach out to professionals in your network for introductions.
Join professional organizations related to taxation.

Review previous tax-related coursework or materials

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Strengthen your foundation in tax concepts by reviewing previously acquired knowledge, ensuring that you are well-prepared for the course material.

Browse courses on Taxation

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Gather any relevant textbooks or notes from previous tax-related courses
Review key concepts such as gross income, deductions, and tax rates
Identify areas where you need additional clarification or practice

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Join a study group to discuss tax topics

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Enhance your understanding and retention of tax concepts by engaging in discussions with peers in a study group setting.

Browse courses on Taxation

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Find or form a study group with other students in the course
Choose a specific tax topic to focus on for each session
Prepare questions and discussion points to bring to the session
Actively participate in the discussion and share your insights

Use online tutorials for tax-related concepts

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Supplement your learning by exploring online tutorials that provide clear and concise explanations of tax-related concepts.

Browse courses on Taxation

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Identify the specific tax concept you need clarification on
Search for online tutorials or videos that cover that concept
Review the tutorial and take notes if necessary

Participate in Online Discussion Forums

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Engage in discussions with peers in online forums to exchange ideas, ask questions, and share insights related to the course content.

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Join the course discussion forum.
Actively participate in discussions by posting questions, responding to others, and sharing your perspectives.

Complete weekly exercises on tax law

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Reinforce your understanding of tax law by continuously practicing the concepts covered in class.

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Review the lecture material and notes
Attempt the practice exercises for that week
Check your answers against the answer key provided

Create a visual representation of tax concepts

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Enhance your understanding and retention of tax concepts by creating visual representations such as diagrams, charts, or infographics, promoting a deeper level of engagement.

Browse courses on Taxation

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Choose a specific tax concept or topic to visualize
Gather relevant data and information
Select a suitable visual representation format
Design and create your visual representation
Share your visualization with others for feedback and discussion

Practice Tax Return Preparation

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Complete practice tax return preparation exercises to gain hands-on experience in reporting income and expenses on Form 1040.

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Obtain practice tax return forms from the IRS website.
Review the instructions for completing Form 1040.
Complete several practice tax returns based on provided scenarios.

Develop a mock tax return for a given scenario

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Apply your knowledge of tax concepts and IRS regulations by preparing a mock tax return for a given scenario, enhancing your practical skills.

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Gather the necessary information and documents
Calculate the taxable income and deductions
Determine the appropriate tax credits and exemptions
Complete the tax return using tax software or manually
Review and finalize the return

Create a Tax Planning Portfolio

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Develop a tax planning portfolio that outlines strategies to minimize tax liability for a specific individual or scenario.

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Research and identify relevant tax laws and regulations.
Gather and analyze financial information for the individual or scenario.
Develop and evaluate potential tax planning strategies.
Create a written tax planning portfolio summarizing your findings and recommendations.

Contribute to Tax-Related Open Source Projects

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Get involved in open source projects related to taxation, such as developing or improving tax software, to deepen your understanding and contribute to the community.

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Identify open source projects in the field of taxation that align with your interests.
Join the project community and contribute in areas where your skills can be utilized.
Participate in discussions, provide feedback, and contribute to the development or improvement of the project.

Design a Tax-Efficient Investment Strategy

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Develop a tax-efficient investment strategy that aligns with the financial goals and risk tolerance of a specific individual or scenario.

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Research and identify tax-advantaged investment vehicles.
Assess the individual's or scenario's financial goals and risk tolerance.
Design a diversified investment portfolio that meets the individual's or scenario's needs while minimizing tax liability.
Create a written investment strategy summary outlining your recommendations.

Career center

Learners who complete Federal Taxation I: Individuals, Employees, and Sole Proprietors will develop knowledge and skills that may be useful to these careers:

Tax Preparer

Tax Preparers help individuals and businesses file their tax returns. This course can help Tax Preparers succeed by providing them with a thorough understanding of the U.S. federal tax system, including the rules and regulations governing individual, employee, and sole proprietor taxation.

See salaries and explore the career path for Tax Preparer

Tax Analyst

Tax Analysts help businesses and individuals understand their tax obligations and plan for the future. This course can help Tax Analysts succeed by providing them with a comprehensive understanding of the U.S. federal tax system, including the rules and regulations governing individual, employee, and sole proprietor taxation.

See salaries and explore the career path for Tax Analyst

Tax Auditor

Tax Auditors examine tax returns to ensure that they are accurate and complete. This course can help Tax Auditors succeed by providing them with a strong understanding of the U.S. federal tax system, including the rules and regulations governing individual, employee, and sole proprietor taxation.

See salaries and explore the career path for Tax Auditor

Tax Collector

Tax Collectors are responsible for collecting taxes from individuals and businesses. This course can help Tax Collectors succeed by providing them with a strong understanding of the U.S. federal tax system, including the rules and regulations governing individual, employee, and sole proprietor taxation.

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Tax Accountant

Tax Accountants help individuals and businesses manage their tax obligations. This course can help Tax Accountants succeed by providing them with a comprehensive understanding of the U.S. federal tax system, including the rules and regulations governing individual, employee, and sole proprietor taxation.

See salaries and explore the career path for Tax Accountant

Freelancer

Freelancers are self-employed individuals who provide services to clients on a project-by-project basis. This course can help Freelancers succeed by providing them with a strong understanding of the U.S. federal tax system, including the rules and regulations governing sole proprietorships.

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Estate Planner

Estate Planners help individuals and families plan for the distribution of their assets after death. This course can help Estate Planners succeed by providing them with a strong understanding of the U.S. federal tax system, including the rules and regulations governing estate and gift taxation.

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Trust Officer

Trust Officers manage trusts and other financial accounts for individuals and families. This course can help Trust Officers succeed by providing them with a strong understanding of the U.S. federal tax system, including the rules and regulations governing trusts and estates.

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Financial Advisor

Financial Advisors help individuals and businesses plan for their financial future. This course can help Financial Advisors succeed by providing them with a strong understanding of the U.S. federal tax system, including the rules and regulations governing individual and business taxation.

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Small Business Owner

Small Business Owners are responsible for all aspects of running their businesses, including managing their finances and paying taxes. This course can help Small Business Owners succeed by providing them with a strong understanding of the U.S. federal tax system, including the rules and regulations governing sole proprietorships.

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Entrepreneur

Entrepreneurs start and run their own businesses. This course can help Entrepreneurs succeed by providing them with a strong understanding of the U.S. federal tax system, including the rules and regulations governing sole proprietorships. Sole proprietors are individuals who own and operate their own businesses.

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Real Estate Agent

Real Estate Agents help individuals and businesses buy and sell real estate. This course may be useful for Real Estate Agents who want to learn more about the tax implications of different types of real estate transactions.

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Insurance Agent

Insurance Agents help individuals and businesses purchase insurance policies. This course may be useful for Insurance Agents who want to learn more about the tax implications of different types of insurance policies.

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Loan Officer

Loan Officers help individuals and businesses obtain loans. This course may be useful for Loan Officers who want to learn more about the tax implications of different types of loans.

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Mortgage Broker

Mortgage Brokers help individuals obtain mortgages. This course may be useful for Mortgage Brokers who want to learn more about the tax implications of different types of mortgages.

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