Go to Course: https://www.coursera.org/learn/federal-taxation-individuals
### Course Review: Federal Taxation I: Individuals, Employees, and Sole Proprietors If you are looking to deepen your understanding of the U.S. federal tax system, particularly for individuals, employees, and sole proprietors, the “Federal Taxation I: Individuals, Employees, and Sole Proprietors” course on Coursera is an excellent starting point. As the first course in a five-course U.S. Federal Tax Specialization, it offers a comprehensive foundation that is accessible yet thorough enough for those looking to comprehend the complexities of tax law. #### Course Overview This course effectively covers essential concepts such as gross income, deductions, tax calculations, and the nuances between different types of taxpayers. It is specifically designed to equip learners with the knowledge necessary to navigate the intricacies of taxation and its implications for individuals and small businesses. #### Syllabus Breakdown The course is structured into eight modules, each focusing on a critical area of U.S. federal taxation: 1. **Introduction to the Course**: A welcoming orientation that sets the stage for your learning journey. Engaging with fellow students and the instructor builds a sense of community, crucial for online learning. 2. **Module 1: An Introduction to Taxation**: This module provides an overview of the types of taxes faced by U.S. taxpayers, offering insights into the historical context of tax law and its developments since the 16th Amendment was ratified. 3. **Module 2: Computing the Tax**: Delving into the details, this section focuses on what constitutes gross income and the significance of adjusted gross income (AGI). Understanding these elements is vital for correctly calculating tax obligations. 4. **Module 3: Gross Income**: Students will learn about statutory inclusions, clarifying how and when income should be reported. This module demystifies complex tax terms and provides practical examples. 5. **Module 4: Gross Income: Exclusions**: Expanding on the prior module, learners will understand which types of income can be excluded from gross income, a significant aspect of tax preparation. 6. **Module 5: Deductions and Losses: In General**: Deductions are crucial in minimizing tax liability. This module focuses on various deductions, helping students distinguish between different types of expenses that can reduce taxable income. 7. **Module 6: Business Deductions**: This section addresses business-related deductions, exploring circumstances under which these deductions may or may not apply. Importantly, it includes information on the new 20% deduction for qualified business income. 8. **Module 7: Itemized Deductions and Retirement Plans**: Shifting focus to itemized deductions, this module also addresses tax implications related to retirement plans, allowing learners to understand how to effectively plan for long-term financial health. 9. **Module 8: Comprehensive Example**: The course culminates with a practical application of concepts learned, ensuring that students can effectively apply their knowledge to real-world tax return problems. #### Course Highlights - **Expert Instruction**: The course is designed and taught by knowledgeable instructors, ensuring you receive quality education that reflects current standards in tax law. - **Interactive Learning**: With video lectures, quizzes, and assignments, learners engage actively with the material, reinforcing understanding. - **Flexibility**: As a fully online course, participants can learn at their own pace, making it ideal for working professionals or students with busy schedules. #### Recommendations I highly recommend "Federal Taxation I: Individuals, Employees, and Sole Proprietors" to anyone interested in tax law—whether you are a beginner seeking foundational knowledge or a professional aiming to refresh your expertise. The course not only provides a thorough grounding in federal taxation principles but also equips learners with practical skills directly applicable to tax preparation and planning. In conclusion, this course stands out for its structured approach and rich content, illuminating the often daunting world of taxation. By the end, you will have gained valuable insights that could very well transform the way you approach tax-related challenges for individuals and small business entities. Don't miss out on this opportunity to enhance your understanding and skills in federal taxation.
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.
MODULE 1: AN INTRODUCTION TO TAXATIONIn this module, you will be introduced to the different kinds of taxes faced by US taxpayers and the US 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.
MODULE 2: COMPUTING THE TAXIn this module, we will take a deeper dive into each part of the US 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 that 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.
MODULE 3: GROSS INCOMEIn 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.
MODULE 4: GROSS INCOME: EXCLUSIONSIn 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.
MODULE 5: DEDUCTIONS AND LOSSES: IN GENERALIn 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 activities, such as hobbies and rentals.
MODULE 6: BUSINESSS DEDUCTIONSIn 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. We will also learn about another from AGI deduction, the new 20% deduction for qualified business income. Finally, we will discuss other business deductions such as bad debts and net operating losses.
MODULE 7: ITEMIZED DEDUCTIONS AND RETIREMENT PLANSIn this module, we first turn our focus to expenses that qualify as itemized deductions, which are a from AGI deduction. 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.
MODULE 8: COMPREHENSIVE EXAMPLEIn this module, you will review the Comprehensive Example video and then learn to apply the concepts to a tax return problem.
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
One of the most complete well explaining and practice course that I ever take, I know I expand my knowledge in a very good way I can wait to start the rest of the specialization.
Absolutely amazing course, covers everything. Very detailed and precise. I am confident after doing this course that I can manage taxes pretty easily now. Thanks to both professors.
I actually enjoyed the Professors of this course. I enjoyed how everything was explained but still not boring. I actually liked this course so much I finished it in a week. Thanks!
Completed on September 5, 2018 - excellent introduction course that can lead to a Coursera Certificate titled "U.S. Federal Taxation Specialization" sponsored by the University of Illinois.
I found the information, while somewhat dated, to be an excellent course for someone who is already licensed as a CPA that needed a low-cost refresher prior to the start of tax season.