Tax Accounting Made Easy to Understand

Finally, an easy to understand tax accounting course. Taxes explained step by step.

Created by: Stefan Ignatovski, Ph.D.
Award-Winning Professor, Investor and Entrepreneur

What Will I Learn?

• Describe and apply the tax law
• Distinguish between Tax Avoidance and Tax Evasion
• Identify the social, poltical, and economic factors influencing the tax law
• Contrast Primary and Secondary Sources
• Research the tax law and apply the appropriate procedures
• Know the statutes of limitations and penalties imposed
• Interpret the tax formula and its components
• Determine personal and dependency exemptions
• Determine the filing status of a taxpayer
• Identify a qualifying child and a qualifying relative
• Interpret multiple support agreements
• Understand the special rules for dependents
• Identify what is included in gross income
• Differentiate between legal income and accounting and economic income
• Apply the constructive receipt doctrine
• Apply the assignment of income doctrine
• Apply the economic benefit doctrine
• Identify the items specifically excluded from gross income
• Contrast between deduction and exclusions
• Treatment of fringe benefits
• Deductions FOR and FROM AGI
• Apply trade or business deductions
• Deductions for losses
• Understand the rules for limitations of deductions
• Identify the disallowed deductions
• At Risk rules and passive activity losses
• Material VS. Active Participation
• Casualty and Theft Losses
• Rules for Net Operating Losses
• Know the rules for Hobby Losses, Home Office Expenses, Vacation Home Expenses
• Apply the rules for itemized deductions and the appropriate treatment
• Treatment of charitable contributions
• Various credits available
• Determine realized and recognized gains and losses
• Determine adjusted basis of property
• Determine adjusted basis of property (Gift and Inheritance)
• Differentiate between ordinary, capital , and 1231 assets
• Determine the holding period
• Rules for determining taxable income (Capital Gains and Losses)
• Rules for Section 1231 Assets (Section 1245 and Section 1250)
• Depreciation Recapture
• Tax Accounting (Methods, Rules, Accounting Periods)

Requirements

• Basic Accounting Rules (Accounting 101)
• Positive attitude
• Get ready to take notes

Target audience

• Individuals
• Small business owners
• Sole Proprietors
• CPA Candidates
• Enrolled Agent Candidates
• Accountants
• Bookkeepers
• Students