Introduction and Lesson Description for "Taxes 101"

Introduction

Welcome to the "Taxes 101" course, an in-depth educational series designed to enhance your understanding and proficiency in tax preparation and compliance. Whether you are a seasoned tax professional or new to the field, this comprehensive course will equip you with the essential knowledge and skills to excel in your practice. Starting October 15, 2024, join us every Wednesday at 6 PM EST for live Q&A sessions, where you can get real-time answers from experienced tax experts.

In this course, you will be guided through a variety of critical topics, including fundamental tax principles, updates on recent tax laws, best practices for compliance, and advanced strategies for maximizing tax benefits. Each section is meticulously crafted to provide you with practical insights and actionable advice, ensuring that you can deliver top-notch service to your clients.

Course Outline

Day 1: Importance of Tax Knowledge and Best Practices (8 CE Credits)

Importance of Tax Knowledge and Best Practices (2 CE Credits)

• Understand the crucial role of tax knowledge in professional practice.
• Explore best practices that enhance accuracy and compliance.

Scope and Purpose of Circular 230

• Learn the foundational principles and purpose of Circular 230.
• Quizzes to reinforce understanding of ethical practices and regulations.

Duties and Restrictions Relating to Practice

• Detailed exploration of the duties and restrictions for tax practitioners.
• Interactive quizzes to test comprehension and application.

Sanctions for Violations

• Understand the consequences of non-compliance and ethical breaches.
• Quizzes to ensure mastery of the subject matter.

Best Practices for Tax Advisors

• Discover effective strategies for advising clients.
• Practical examples and quizzes to solidify learning.

Continuing Education Requirements

• Highlight the importance of ongoing education for tax professionals.
• Quizzes to reinforce the necessity of staying updated.

Day 2: Credits & Deductions (3 CE Credits)

Common Tax Credits (EITC, Child Tax Credit, Education Credits) (1 CE Credit)

• Comprehensive overview of key tax credits.
• Reflective questions and final exam to assess understanding.

Schedule A: Itemized Deductions (1 CE Credit)

• In-depth analysis of itemized deductions and their impact on tax liability.
• Reflective questions and final exam for thorough understanding.

Recordkeeping Requirements (1 CE Credit)

• Legal and practical aspects of maintaining accurate records.
• Reflective questions and final exam to ensure knowledge retention.

Day 3: Updates and Best Practices (5 CE Credits)

New Standard Mileage Rates (Notice 2023-03) (2 CE Credits)

• Stay current with the latest mileage rate updates and best practices.
• Reflective questions and final exam to test application skills.

Section 179 Expense Limits (1 CE Credit)

• Explore the benefits and limitations of Section 179 deductions.
• Reflective questions and final exam to gauge comprehension.

Understanding the Kiddie Tax (1 CE Credit)

• Learn about the Kiddie Tax and its implications for tax planning.
• Reflective questions and final exam to solidify understanding.

Withholding and Estimated Tax Payments, Balance Due, and Refund Options (1 CE Credit)

• Comprehensive guide to managing withholding, estimated tax payments, and refund options.
• Reflective questions and final exam to ensure practical knowledge.

Day 4: Specialty Courses (4 CE Credits)

1040 Overview (1 CE Credit)

• Detailed exploration of Form 1040 and its components.
• Reflective questions and final exam to reinforce learning.

Amended Returns (1 CE Credit)

• Procedures and best practices for filing amended returns.
• Reflective questions and final exam to test understanding.

Audits & Compliance (2 CE Credits)

• Strategies for handling audits and ensuring compliance.
• Reflective questions and final exam to ensure readiness.

Weekly Q&A Sessions

Starting October 15, 2024, join us every Wednesday at 6 PM EST for live Q&A sessions with tax experts. These sessions provide an invaluable opportunity to ask questions, clarify doubts, and gain deeper insights into the course material. Stay engaged and enhance your learning experience through interactive discussions.

Instructor's Bio

Oyindamola McCracken In 2017, fueled by a passion for financial literacy and a strong commitment to empowering others, Oyindamola McCracken founded The Network Academy. With extensive experience in tax preparation and education, Oyindamola is dedicated to providing top-tier training and resources to tax professionals. Her expertise and enthusiasm make her an exceptional guide through the complexities of tax laws and practices.

Lesson Description

Welcome to The Network Academy's "Taxes 101" series, a meticulously designed course that provides a deep dive into the essentials of tax preparation and compliance. This series is ideal for tax professionals aiming to sharpen their skills, stay updated with the latest tax laws, and implement best practices in their work.

Day 1: Importance of Tax Knowledge and Best Practices

On the first day, we emphasize the significance of robust tax knowledge and adherence to best practices. This session covers:

• The Importance of Tax Knowledge: Understanding the critical role tax knowledge plays in professional practice and compliance.
• Best Practices: Exploring strategies to enhance accuracy and efficiency in tax preparation.
• Circular 230: An in-depth look at the ethical standards and guidelines that govern tax practice, including duties, restrictions, and sanctions for violations.
• Continuing Education: Highlighting the necessity of ongoing learning and development for tax professionals.

Day 2: Credits & Deductions

The second day focuses on maximizing tax benefits through credits and deductions:

• Common Tax Credits: Detailed examination of essential credits like the Earned Income Tax Credit (EITC), Child Tax Credit, and Education Credits.
• Itemized Deductions: Understanding the nuances of itemized deductions and their impact on tax liability.
• Recordkeeping Requirements: Essential practices for maintaining accurate and compliant records.

Day 3: Updates and Best Practices

Staying current with tax law changes is crucial. Day three covers:

• New Standard Mileage Rates: Updates on mileage rates and best practices for application.
• Section 179 Expense Limits: Detailed analysis of Section 179 deductions and how to leverage them effectively.
• Kiddie Tax: Understanding the implications and best practices for managing the Kiddie Tax.
• Withholding and Estimated Tax Payments: Comprehensive guidance on managing withholding, estimated payments, and understanding balance due and refund options.

Day 4: Specialty Courses

The final day delves into specialized topics:

• 1040 Overview: A thorough examination of Form 1040 and its key components.
• Amended Returns: Best practices for filing amended returns and correcting errors.
• Audits & Compliance: Strategies for handling audits, ensuring compliance, and minimizing risk.

Conclusion

This course provides a solid foundation for understanding and navigating the complexities of tax preparation and compliance. With a focus on practical application, ethical considerations, and continuous learning, "Taxes 101" equips tax professionals with the tools and knowledge necessary to excel in their field.

Enrollment Information

By completing this course and passing the final exam, you may be eligible to receive 18 CE credits in Federal Tax Laws Updates and 2 CE credits in Ethics. To obtain the CE credit, you must provide your Preparer Tax Identification Number (PTIN). If you prefer to take the training without entering a PTIN, type "Other" in the required field. Invest in your professional growth and ensure your clients receive the best possible service—enroll today and take the first step towards mastering tax preparation with The Network Academy.