Federal Taxation I: Individuals, Employees, and Sole Proprietors
University of Illinois at Urbana-Champaign
I believe taxation is the negotiation between the governors and the governed. Yep, most of people don’t like taxes, however it is really rewarding if you know how the intricacies work. This is an “WOW” course that deserves your attention. Lots of stuff are crammed into the course, truly informative but not messy at all. Upon completion, you will find the course is very well-structured.
The course begins with the “Income Tax Formula”, it is the “roadmap” guiding us to finish the entire calculation process. Bearing this in mind, the first topic is the gross income, of course. π Here the inclusion and exclusion rules are elaborated extensively, meanwhile accounting methods are another dominant factor you shall consider at the very beginning.
The rest of the course focuses on 2 topics: “for-AGI” deductions and “from-AGI” deductions. From business to personal, from childhood to retirement, there are various and numerous expenses can be deducted in order to reduce your tax burden. The course never talked about humanity or civil rights, but I can feel it.
In the last week you will help Jared and Ashley filing their 2018 tax return. The goal is to submit a correct Form 1040 tax return, meanwhile maximize their own benefits. This is an exciting hands-on practice, keeping you feet on the ground.
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