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Tax and accounting · Beginner · Free
Tax Preparation
Learn to prepare individual federal returns, one module at a time.
Start with Module 1, Tax Formulas and Credits: the individual federal income tax formula from gross income to refund. Each lesson explains one step in depth, walks through real client examples, and lets you practice with live calculators, sorting drills and quizzes.
- 10 lessons
- About 140 minutes
- 10 worked examples
- 7 live calculators
- 24 quiz questions
- Tax year 2025 figures
No sign-up needed. Your progress is saved on this device.
Course outline
0 of 10 lessons complete
Module 1 · Tax Formulas and Credits
- 1The tax formula, start to finishThe nine lines every individual federal return follows.12 min
- 2Gross income: what countsTaxable and excluded income, and why gross income is only a starting point.10 min
- 3Above-the-line deductions and AGIAdjustments to income, and why AGI is the most important number on the return.14 min
- 4Standard deduction or itemized deductionsHow to choose, what can be itemized, and how to compare the two.15 min
- 5Taxable income, brackets and tax ratesHow progressive brackets work, and marginal versus effective rates.14 min
- 6Gross tax, credits and prepaymentsNonrefundable and refundable credits, withholding and estimated payments.16 min
- 7A deduction versus a creditWhat a $2,000 deduction is really worth, and how to explain it to a client.12 min
- 8Tax due or refundPutting the whole formula together, and why a big refund isn't a prize.12 min
- 9Client interview: hunting for itemized deductionsQuestions that find deductions renters forget, and when tracking is worth it.15 min
- 10Practice cases and final checkThree client cases to work through, then a final quiz.20 min
More modules are on the way.