Financial Lessons I Should've Learned in School-Taxes

Financial Lessons I Should've Learned in School-Taxes

This course will give you a basic understanding of tax law and concepts.  It will help you calculate your tax liability and access legal ways to avoid owing the IRS.  It will also clear common misconceptions related to taxes and tax law.  The resources for this course will provide you with practice examples and include a fillable tax liability estimator. 

You will learn the difference between standard and itemized deductions, liens and levies, and the three different types of income used on a common 1040 tax return.  You will also learn the two most common types of tax resolution and how best to access these for your benefit.  The course includes information on how to identify and determine if a dependent considered qualifies as such as defined by the IRS.

You will learn how to identify your tax filing status and use this status along with your taxable income to calculate your tax liability.  You will also learn about special situations and how they impact your tax liability.  The differences between the definition and application of adjustments, deductions, and credits will also be highlighted and explained to help users determine which they qualify for and how these will impact their tax situation. 

Taxes Made Simple

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What you will learn

• Define the most common tax related terms
• Introduction and explanation of the most common portions of tax law
• Understand and define the four considerations that impact tax liability

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Level: Beginner Level

Duration: 1 hour

Instructor: Sherlynn Davis