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: Petro Lisowsky, PhD, CPA, Associate Professor of Accountancy
College of Business: Department of Accountancy
| Основные сведения | Course 1 of 5 in the U.S. Federal Taxation Specialization |
| Уровень | Учащийся среднего уровня |
| Выполнение | 6-8 hours/week |
| Язык | English |
| Как пройти курс | Чтобы пройти курс, выполните все оцениваемые задания. |
| Оценки пользователей |
Complete this course to work toward:
Специализация U.S. Federal Taxation
This course is part of the 5-course U.S. Federal Taxation Specialization from University of Illinois at Urbana-Champaign
Master of Science in Accountancy (iMSA)
This course is part of the fully-online 16 eight-week courses degree program
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: Syllabus
- Reading: About the Discussion Forums
- Practice Quiz: Orientation Quiz
- Reading: Update Your Profile
- Discussion Prompt: Get to Know Your Classmates
- Reading: Build a Learning Community with Social Media
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 what the three different sources of new tax laws are.
8 видео, 1 материал для самостоятельного изучения, 8 тренировочных теста
- Discussion Prompt: Make Connections to Topic
- Reading: Module 1 Overview and Resources
- Practice Quiz: Lesson 1.1 Knowledge Check
- Видео: The Tax Structure
- Practice Quiz: Lesson 1.2 Knowledge Check
- Видео: The Tax Structure: Examples
- Practice Quiz: Lesson 1.3 Knowledge Check
- Видео: Types of Taxes
- Practice Quiz: Lesson 1.4 Knowledge Check
- Видео: Origins of Tax Law
- Practice Quiz: Lesson 1.5 Knowledge Check
- Видео: Statutory Sources of Tax Law
- Practice Quiz: Lesson 1.6 Knowledge Check
- Видео: Administrative Sources of Tax Law
- Practice Quiz: Lesson 1.7 Knowledge Check
- Видео: Judicial Sources of Tax Law
- Practice Quiz: Lesson 1.8 Knowledge Check
Оцениваемый: Module 1 Graded 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 exemptions, and the rules for claiming Personal and Dependency Exemptions. We will wrap up the module with a discussion of the actual calculation of the tax as well as the filing status and the filing requirements.
6 видео, 1 материал для самостоятельного изучения, 6 тренировочных теста
- Reading: Module 2 Overview and Resources
- Practice Quiz: Lesson 2.1 Knowledge Check
- Видео: Deductions and AGI
- Practice Quiz: Lesson 2.2 Knowledge Check
- Видео: Personal and Dependency Exemptions
- Practice Quiz: Lesson 2.3 Knowledge Check
- Видео: Tax Calculation
- Practice Quiz: Lesson 2.4 Knowledge Check
- Видео: Filing Status
- Practice Quiz: Lesson 2.5 Knowledge Check
- Видео: Filing Requirements and Other Dependent Issues
- Practice Quiz: 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 how 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, such as unemployment compensation or social security benefits.
6 видео, 1 материал для самостоятельного изучения, 6 тренировочных теста
- Reading: Module 3 Overview and Resources
- Practice Quiz: Lesson 3.1 Knowledge Check
- Видео: Accounting Methods
- Practice Quiz: Lesson 3.2 Knowledge Check
- Видео: Accounting Method Exceptions
- Practice Quiz: Lesson 3.3 Knowledge Check
- Видео: Gross Income I: Alimony, Discharge of Indebtedness, Annuities
- Practice Quiz: Lesson 3.4 Knowledge Check
- Видео: Gross Income: Example
- Practice Quiz: Lesson 3.5 Knowledge Check
- Видео: Gross Income II: Prizes, Life Insurance, Unemployment Compensation, Social Security Benefits
- Practice Quiz: 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"
- Practice Quiz: Lesson 4.1 Knowledge Check
- Видео: Scholarships, Payments for Damages, Compensation for Injuries and Sickness
- Practice Quiz: Lesson 4.2 Knowledge Check
- Видео: Meals and Lodging, Recovery of Capital Issues
- Practice Quiz: Lesson 4.3 Knowledge Check
- Видео: Employee Fringe Benefits: Non-Discriminatory
- Practice Quiz: Lesson 4.4 Knowledge Check
- Видео: Employee Fringe Benefits: Discriminatory
- Practice Quiz: 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 proper tax treatment of semi-profitable activities, such as hobbies.
8 видео, 1 материал для самостоятельного изучения, 8 тренировочных теста
- Reading: Module 5 Overview and Resources
- Practice Quiz: Lesson 5.1 Knowledge Check
- Видео: Trade or Business Deductions: Concepts
- Practice Quiz: Lesson 5.2 Knowledge Check
- Видео: Timing of Deductions
- Practice Quiz: Lesson 5.3 Knowledge Check
- Видео: Trade or Business Deductions: Political Contributions, Lobbying, Executive Compensation
- Practice Quiz: Lesson 5.4 Knowledge Check
- Видео: Hobby Loss Deductions
- Practice Quiz: Lesson 5.5 Knowledge Check
- Видео: Hobby Loss Deductions: Example
- Practice Quiz: Lesson 5.6 Knowledge Check
- Видео: Vacation Home Rental Deductions
- Practice Quiz: Lesson 5.7 Knowledge Check
- Видео: Vacation Home Rental Deductions: Example
- Practice Quiz: Lesson 5.8 Knowledge Check
Оцениваемый: Module 5 Quiz
НЕДЕЛЯ 6
MODULE 6: DEDUCTIONS AND LOSSES: ITEMIZED VS BUSINESS
In this module, we turn our focus to expenses that qualify as from AGI deductions, also known as itemized deductions. We will wrap up the module by discussing some unique situations where deduction treatment is an exception to the general rules, such as losses on securities or the artificial deduction of the Domestic Production and Activities Deduction (DPAD), both of which are actually allowed to be taken as for AGI deductions.
6 видео, 1 материал для самостоятельного изучения, 6 тренировочных теста
- Reading: Module 6 Overview and Resources
- Practice Quiz: Lesson 6.1 Knowledge Check
- Видео: Itemized Deductions: Taxes, Interest, and Charitable Contributions
- Practice Quiz: Lesson 6.2 Knowledge Check
- Видео: Casualty and Theft Losses
- Practice Quiz: Lesson 6.3 Knowledge Check
- Видео: Business Expenses: Bad Debts
- Practice Quiz: Lesson 6.4 Knowledge Check
- Видео: Business Expenses: DPAD and NOLs
- Practice Quiz: Lesson 6.5 Knowledge Check
- Видео: Worthless Securities and Small Business Stock
- Practice Quiz: Lesson 6.6 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.
6 видео, 1 материал для самостоятельного изучения, 6 тренировочных теста
- Reading: Module 7 Overview and Resources
- Practice Quiz: Lesson 7.1 Knowledge Check
- Видео: Moving and Education Expenses
- Practice Quiz: Lesson 7.2 Knowledge Check
- Видео: Entertainment and Home Office Expenses
- Practice Quiz: Lesson 7.3 Knowledge Check
- Видео: Retirement Plans and Traditional IRAs
- Practice Quiz: Lesson 7.4 Knowledge Check
- Видео: Non-Deductible and Roth IRAs
- Practice Quiz: Lesson 7.5 Knowledge Check
- Видео: IRA Basis and Rollovers
- Practice Quiz: Lesson 7.6 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
- Reading: Comprehensive Example Solution
- Practice Quiz: Module 8 Quiz
- Reading: Module 8 Graded Tax Return Problem Instructions
- Reading: Course Wrap-Up
- Discussion Prompt: Final Reflection: I used to think ... Now I think
Оцениваемый: Unlock Comprehensive Example Solution
Оцениваемый: Graded Tax Return - Section 1 Gross Income
Оцениваемый: Graded Tax Return - Section 2 Deductions for AGI
Оцениваемый: Graded Tax Return - Section 3 Deductions from AGI
Оцениваемый: Graded Tax Return - Section 4 Exemptions, Taxes, and Credits
Оцениваемый: Graded Tax Return - Section 5 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
I spent nearly a $1,000 on a online course but didn't learn nearly as much as a I did from this course. Super detailed, great examples and thank goodness I was allowed a few retakes. I've been out of school for quite some time. I highly recommend this course and the series. I recommendation for anyone considering this series is to take the course one at a time.
It is no secret that the USA tax code is dreaded and hated by many. Try studying it on your own and you will understand why. However, professor Lisowky has someone managed to take an incredibly difficult subject and presented it in an easy to understand form. He ensured that the core was preserved and understood, and he used clear examples to illustrate difficult points. My initial thoughts were that this was going to be a dry and dull subject - trying to learn a bunch of rules, their exceptions and exceptions to exceptions. Professor Lisowky proved me wrong. He brought the subject to life and I had a pleasurable learning experience. Thank you professor and Coursera!
first, this is a very useful course, i think everyone should learn it because one would feel convenient for one's life, even though one does't file their own tax return.
secondly, this is a well designed course by professor Lisowsky, very thoughtful, and easy to follow. a assignment after every class consolidates what you've learned from professor.
i've felt huge different after complete this course leaning process.
i think everyone should learn it. it won't take a lot of time.
Coursera делает лучшее в мире образование доступным каждому, предлагая онлайн-курсы от ведущих университетов и организаций.
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Great course, everything is well explained, the weekly amount of work is just fine, and the thing that includes IRS' forms filling practice increases its value.