Об этом курсе: 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. If you have enjoyed this course, consider enrolling in our online graduate Accounting program. The University of Illinois at Urbana-Champaign, consistently ranked as one of the nation's top three accounting programs, now offers a master’s in accounting at a very affordable tuition rate and is completely online. The iMSA is a full Master of Accountancy program and students graduate with an MS that is highly recognized. Try an open course or two, then apply for admission into the credit-bearing version as you may be eligible to take credit-bearing courses during the application process. If you are missing any prerequisites for the full degree, you can complete Coursera courses to demonstrate readiness and strengthen your application for the iMSA. For more information on this exciting iMSA online program, refer to this link: https://www.coursera.org/degrees/imsa
Для кого этот курс: This course is designed for learners who want to obtain an introductory knowledge of US Federal Taxation on individuals, employees, and sole-proprietors. While the foundations laid in this course are critical for those who seek a career within the accounting profession, they are essential for all who are in the field of business as taxes are often the largest single expense of most companies! Upon completion of this course you should have a good understanding of the theoretical and technical aspects of individual taxation.
Автор: University of Illinois at Urbana-Champaign
Преподаватели: Matthew Hutchens, Lecturer of Accountancy
Department of AccountancyПреподаватели: Petro Lisowsky, PhD, CPA, Associate Professor of Accountancy
College of Business: Department of Accountancy
| Основные сведения | Курс 1 из 5 — U.S. Federal Taxation Specialization |
| Уровень | Учащийся среднего уровня |
| Выполнение | 6-8 hours/week |
| Язык | Английский |
| Как пройти курс | Чтобы пройти курс, выполните все оцениваемые задания. |
| Оценки пользователей |
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Специализация U.S. Federal Taxation
Этот курс входит в специализацию ''U.S. Federal Taxation' из нескольких курсов (5) от партнера University of Illinois at Urbana-Champaign.
Master of Science in Accountancy (iMSA)
Этот курс входит в дипломную онлайн-программу из нескольких курсов (16 eight-week courses).
Программа курса
НЕДЕЛЯ 1
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.
1 видео, 4 материала для самостоятельного изучения, 1 тренировочный тест
- Reading: A Note from Your Instructor
- Reading: Syllabus
- Reading: About the Discussion Forums
- Teste para praticar: Orientation Quiz
- Reading: Update Your Profile
- Discussion Prompt: Get to Know Your Fellow Learners
MODULE 1: AN INTRODUCTION TO TAXATION
In this module, you will be introduced to the different kinds of taxes faced by U.S. taxpayers and the U.S. federal income tax structure. The origin of tax law and its constitutionality is discussed along with a brief history of the different changes in rates that have occurred since the 16th amendment was passed. Finally, we will discover the three different sources of new tax laws and rules.
9 видео, 1 материал для самостоятельного изучения, 9 тренировочных теста
- Discussion Prompt: Make Connections to Topic
- Reading: Module 1 Overview and Resources
- Teste para praticar: Lesson 1.1 Knowledge Check
- Видео: Evaluating a Tax System
- Teste para praticar: Lesson 1.2 Knowledge Check
- Видео: The Tax Structure
- Teste para praticar: Lesson 1.3 Knowledge Check
- Видео: The Tax Structure: Examples
- Teste para praticar: Lesson 1.4 Knowledge Check
- Видео: Types of Taxes
- Teste para praticar: Lesson 1.5 Knowledge Check
- Видео: Origins of Tax Law
- Teste para praticar: Lesson 1.6 Knowledge Check
- Видео: Statutory Sources of Tax Law
- Teste para praticar: Lesson 1.7 Knowledge Check
- Видео: Administrative Sources of Tax Law
- Teste para praticar: Lesson 1.8 Knowledge Check
- Видео: Judicial Sources of Tax Law
- Teste para praticar: Lesson 1.9 Knowledge Check
Оцениваемый: Module 1 Quiz
НЕДЕЛЯ 2
MODULE 2: COMPUTING THE TAX
In this module, we will take a deeper dive into each part of the U.S. federal income tax structure, with a focus on what is included in gross income. We will learn how for-AGI deductions reduce gross income to generate adjusted gross income, or AGI, and why AGI is an important number which determines the floors and ceilings of many from-AGI deductions. We will also discuss who qualifies as a dependent. We will wrap up the module with a discussion of the actual calculation of the tax as well as filing status and filing requirements.
6 видео, 3 материала для самостоятельного изучения, 6 тренировочных теста
- Reading: Module 2 Overview and Resources
- Teste para praticar: Lesson 2.1 Knowledge Check
- Видео: Deductions and AGI
- Reading: Standard Deduction Amounts for 2018
- Teste para praticar: Lesson 2.2 Knowledge Check
- Видео: Qualifying Children and Qualifying Relatives
- Teste para praticar: Lesson 2.3 Knowledge Check
- Видео: Tax Calculation
- Reading: Tax Rate Schedules for 2018
- Teste para praticar: Lesson 2.4 Knowledge Check
- Видео: Filing Status
- Teste para praticar: Lesson 2.5 Knowledge Check
- Видео: Filing Requirements and Other Dependent Issues
- Teste para praticar: Lesson 2.6 Knowledge Check
Оцениваемый: Module 2 Quiz
НЕДЕЛЯ 3
MODULE 3: GROSS INCOME
In this module, you will take a deeper dive into gross income, specifically regarding statutory inclusions. Congress, the courts, and the IRS have specific rules on whether and when certain income items are included as gross income. These rules provide clarification in situations where it is unclear whether money or property received should actually be included as income.
6 видео, 1 материал для самостоятельного изучения, 6 тренировочных теста
- Reading: Module 3 Overview and Resources
- Teste para praticar: Lesson 3.1 Knowledge Check
- Видео: Accounting Methods
- Teste para praticar: Lesson 3.2 Knowledge Check
- Видео: Accounting Method Exceptions
- Teste para praticar: Lesson 3.3 Knowledge Check
- Видео: Gross Income I: Alimony, Discharge of Indebtedness, Annuities
- Teste para praticar: Lesson 3.4 Knowledge Check
- Видео: Gross Income: Example
- Teste para praticar: Lesson 3.5 Knowledge Check
- Видео: Gross Income II: Prizes, Life Insurance, Unemployment Compensation, Social Security Benefits
- Teste para praticar: Lesson 3.6 Knowledge Check
Оцениваемый: Module 3 Quiz
НЕДЕЛЯ 4
MODULE 4: GROSS INCOME: EXCLUSIONS
In this module, you will take a deeper dive into gross income, specifically regarding statutory exclusions. Congress, the courts, and the IRS allow exclusions of money or property received by the taxpayer for various reasons.
5 видео, 2 материала для самостоятельного изучения, 5 тренировочных теста
- Reading: Module 4 Overview and Resources
- Reading: Sharing "Goodreads"
- Teste para praticar: Lesson 4.1 Knowledge Check
- Видео: Scholarships, Payments for Damages, Compensation for Injuries and Sickness
- Teste para praticar: Lesson 4.2 Knowledge Check
- Видео: Meals and Lodging, Recovery of Capital Issues
- Teste para praticar: Lesson 4.3 Knowledge Check
- Видео: Employee Fringe Benefits: Non-Discriminatory
- Teste para praticar: Lesson 4.4 Knowledge Check
- Видео: Employee Fringe Benefits: Discriminatory
- Teste para praticar: Lesson 4.5 Knowledge Check
Оцениваемый: Module 4 Quiz
НЕДЕЛЯ 5
MODULE 5: DEDUCTIONS AND LOSSES: IN GENERAL
In this module, you will learn about deductions, which is the term used in tax to describe an expense that is allowed to reduce a taxpayer’s tax liability. You will discover what adjusted gross income is, why it is important, and how to calculate it. You will also learn the difference in tax treatments for special types of acitivites, such as hobbies and rentals.
8 видео, 1 материал для самостоятельного изучения, 8 тренировочных теста
- Reading: Module 5 Overview and Resources
- Teste para praticar: Lesson 5.1 Knowledge Check
- Видео: Trade or Business Deductions: Concepts
- Teste para praticar: Lesson 5.2 Knowledge Check
- Видео: Timing of Deductions
- Teste para praticar: Lesson 5.3 Knowledge Check
- Видео: Trade or Business Deductions: Political Contributions, Lobbying, Executive Compensation
- Teste para praticar: Lesson 5.4 Knowledge Check
- Видео: Investigation Costs
- Teste para praticar: Lesson 5.5 Knowledge Check
- Видео: Hobby Losses
- Teste para praticar: Lesson 5.6 Knowledge Check
- Видео: Vacation Home Rental Deductions
- Teste para praticar: Lesson 5.7 Knowledge Check
- Видео: Vacation Home Rental Deductions: Example
- Teste para praticar: Lesson 5.8 Knowledge Check
Оцениваемый: Module 5 Quiz
НЕДЕЛЯ 6
MODULE 6: DEDUCTIONS AND LOSSES: ITEMIZED VS BUSINESS
In this module, we first turn our focus to expenses that qualify as itemized deductions, which are a from AGI deduction. We will also learn about another from AGI deduction, the new 20% deduction for qualified business income, which while a from AGI deduction is not an itemized deduction. And, we will discuss other business deductions such as bad debts and net operating losses. Finally, we'll discuss deductions for losses on worthless securities and certain qualifying small business stock.
5 видео, 1 материал для самостоятельного изучения, 5 тренировочных теста
- Reading: Module 6 Overview and Resources
- Teste para praticar: Lesson 6.1 Knowledge Check
- Видео: Itemized Deductions: Taxes, Interest, and Charitable Contributions
- Teste para praticar: Lesson 6.2 Knowledge Check
- Видео: Business Expenses: Bad Debts
- Teste para praticar: Lesson 6.3 Knowledge Check
- Видео: Business Expenses: Qualified Business Income, NOLs, and Casualty Losses
- Teste para praticar: Lesson 6.4 Knowledge Check
- Видео: Worthless Securities and Small Business Stock
- Teste para praticar: Lesson 6.5 Knowledge Check
Оцениваемый: Module 6 Quiz
НЕДЕЛЯ 7
MODULE 7: DEDUCTIONS: EMPLOYEE AND SELF-EMPLOYED EXPENSES
In this module, we discuss several unique situations where the same expense may or may not be deductible, dependent on the facts and circumstances surrounding the situation. To finish off this module, we’ll switch back to discussing income and situations where taxpayers can elect to delay recognition of income, such as saving for retirement, as well as situations where taxation of the annual earnings of those retirement savings are either deferred or permanently excluded from income.
7 видео, 2 материала для самостоятельного изучения, 7 тренировочных теста
- Reading: Module 7 Overview and Resources
- Teste para praticar: Lesson 7.1 Knowledge Check
- Видео: Travel Expenses
- Teste para praticar: Lesson 7.2 Knowledge Check
- Видео: Education Expenses as Business Expenses
- Reading: Education Expenses as Business Expenses
- Teste para praticar: Lesson 7.3 Knowledge Check
- Видео: Meals, Entertainment, and Home Office Expenses
- Teste para praticar: Lesson 7.4 Knowledge Check
- Видео: Retirement Plans and Traditional IRAs
- Teste para praticar: Lesson 7.5 Knowledge Check
- Видео: Non-Deductible and Roth IRAs
- Teste para praticar: Lesson 7.6 Knowledge Check
- Видео: IRA Basis and Rollovers
- Teste para praticar: Lesson 7.7 Knowledge Check
Оцениваемый: Module 7 Quiz
НЕДЕЛЯ 8
MODULE 8: COMPREHENSIVE EXAMPLE
In this module, you will review the Comprehensive Example video and then learn to apply the concepts to a tax return problem.
1 видео, 4 материала для самостоятельного изучения, 1 тренировочный тест
- Reading: Module 8 Overview and Resources
- Teste para praticar: Unlock Comprehensive Example Solution
- Reading: Comprehensive Example Solution
- Reading: Module 8 Graded Tax Return Problem Instructions
- Reading: Course Wrap-Up
- Discussion Prompt: Final Reflection: I used to think ... Now I think
Оцениваемый: Graded Tax Return - Section 1 Gross Income & Deductions for AGI
Оцениваемый: Graded Tax Return - Section 2 Deductions from AGI
Оцениваемый: Graded Tax Return - Section 3 Dependents, Taxes, and Credits
Оцениваемый: Graded Tax Return - Section 4 Payments and Refund
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Авторы
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
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Рейтинги и отзывы
Excelent Course, congratulations
federal taxation
Thanks a lot. It was one of the the best courses I have done to date, and I have completed quite a few. The crisp lectures were very informative and have really contributed enormously to my understanding of the subject. An excellent and "must experience" course.
Perfect! I learned a lot of new things.
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BM
EXCELLENT VIDEOS, GREAT QUIZ, PRACTICAL APPLICATION AND SOLVING OF PROBLEM GREATLY HELPS IN UNDERSTANDING THE CONCEPT, AT THE SAME TIME TEACHES TO APPLY THE CONCEPT!!