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Solving the Tax Puzzle Part II

Online Course: ID# 1003248
About This Course:
Are you a Newcomer to the tax field? Are you seeking to strengthen your understanding of current tax law changes?

Perhaps you've been in practice for decades
and just want a fun refresher to update
skills, learn some tricks and make
your tax practice more profitable!

This course is for those who wish to learn tax without taking the EA Exam.

Solving the Tax Puzzle, Part II (Business Taxation) is based on the Internal Revenue Code in effect for tax returns filed for the current year tax season. BUT, the fundamental information you will learn is eternal. Only the limits change annually to confuse the taxpayers...(or to account for inflation).

The course will include TaxMama's special twists, teaching you more than tax law - you'll learn:

  • How to select the best entity for your clients
    how to prepare business tax returns and get pointers on simplifying your work
  • How to reconcile tax returns to books – even if there really aren't any books
  • How to protect your practice from client conflicts and lawsuits
  • How to maintain an ethical practice, in the face of client 'persuasion' to assist them in little falsehoods
  • How to find loopholes to help cut taxes legally

Course Process

Each week, students will receive an email with two lessons; each will include:

  • A written lecture (may be printed out)
  • An audio lecture (may be downloaded to an MP3 player)
  • Client profile with additional data to build your sample tax return
  • Discussion report - a compilation of student questions and e-mails received since the last class pertaining to lecture material and the sample tax returns
  • Links to forms and resources for the lesson

Course Outline

  • Lectures 9 – 12 of Solving the Tax Puzzle Part I – Assets, Depreciation, Sales and Exchanges
  • Lecture 1 - The big Picture – Overview of Business Entities, Pros and Cons of using each Format
  • Lecture 2 - First piece – Accounting 101 – Understanding the Balance Sheet and Income Statement
  • Lecture 3 - Favorite piece – Business Income – and how to reconcile it to third party information
  • Lecture 4 - Juicy piece – Business Expenses – All those luscious write-offs
  • Lecture 5 - Misunderstood piece – Office in Home – and how it applies to each business entity
  • Lecture 6 - Custom Piece – Specific Businesses – Farms, truckers, Internet Marketers
  • Lecture 7 - Exempt Piece – Exempt Organizations – and the new filing rules
  • Lecture 8 - Fun piece – Discussing the Schedule C Tax Sample and your results – and how to do it better
  • Lecture 9 - Shared piece – Partnerships – General, Limited, LLCs, JVs and Married Couples
  • Lecture 10 – Joining piece – Getting into and out of Partnerships
  • Lecture 11 – Sharing piece – Discussing the 1065 Tax Sample and your results – and how to do it better
  • Lecture 12 – Incorporated piece – C Corporations – including PSCs and holding companies
  • Lecture 13 – Reconciling Piece – Discussing the Form 1120 Tax Sample, reconciling Schedules L, M-1, M-2
  • Lecture 14 – Small Business Piece- S Corporations – Small Business or S Corporations – special issues for shareholder-employees
  • Lecture 15 – Filing Piece – Reconciling Piece – Discussing the Form 1120S Tax Sample and your results – and how to do it better – and reconciling Schedules L, M-1, M-2
  • Lecture 16 – Freedom Piece – Business retirement plans – and how they work with each entity
  • Lecture 17 – Trusting Piece – Estate and Trusts – Form 1041

Course Materials

  • Free tax preparation software including free electronic filing to use for practice returns or real returns
  • TaxMama's® Ebook, The 100% Home-Based Business Tax Solution
  • Small Business Taxes Made Easy – paperback book FreshBooks
  • 24/7 Study hall with links to key part 1 materials
  • Access to study buddies and study buddy teams

You will get data from sample clients to input into your own tax software or forms. You will get profiles of different types of clients, with respective levels of complexity.

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Solving the Tax Puzzle Part II
Price: $450.00
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