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Federal Taxation I: Individuals, Employees, and Sole Proprietors
  • Level Professional
  • Duration 31 hours
  • Course by University of Illinois Urbana-Champaign
  • Offered by

About

This course is the first course in afive-courseUS 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. TheiMSAis 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 theiMSA. For more information on this excitingiMSAonline program, refer to this link:https://www.coursera.org/degrees/imsa

Modules

About the Course

    • 4 Videos
    • 3 Readings
Show info about module content

4 Videos

  • Course Overview and Meet Your Instructors
  • About Professor Matthew Hutchens
  • About Professor Petro Lisowsky
  • Learn on Your Terms

3 Readings

  • Syllabus
  • About the Discussion Forums
  • Online Education at Gies College of Business

About Your Classmates

    • 1 Readings
    • 1 Discussion
Show info about module content

1 Discussions

  • Get to Know Your Fellow Learners

1 Readings

  • Update Your Profile

Module 1 Information

    • 1 Readings
    • 1 Discussion
Show info about module content

1 Discussions

  • Make Connections to Topic

1 Readings

  • Module 1 Overview and Resources

Lesson 1.1 Taxes: An Introduction

    • 2 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

2 Videos

  • Taxes: An Introduction
  • A Note on the TCJA

1 Readings

  • The 2017 Tax Revision

1 Quiz

  • Lesson 1.1 Knowledge Check

Lesson 1.2 Evaluating a Tax System

    • 1 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • Evaluating a Tax System

1 Readings

  • Wealth of Nations and AICPA's Guiding Principles of Good Tax Policy (optional)

1 Quiz

  • Lesson 1.2 Knowledge Check

Lesson 1.3 The Tax Structure and Rate History

    • 2 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

2 Videos

  • The Tax Structure
  • Tax Rate History

1 Readings

  • Who Pays Federal Taxes?

1 Quiz

  • Lesson 1.3 Knowledge Check

Lesson 1.4 The Tax Structure: Examples

    • 1 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • The Tax Structure: Examples

1 Readings

  • How Do Marginal Tax Rates Work

1 Quiz

  • Lesson 1.4 Knowledge Check

Lesson 1.5 Types of Taxes

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Types of Taxes

1 Quiz

  • Lesson 1.5 Knowledge Check

Lesson 1.6 Origins of Tax Law

    • 1 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • Origins of Tax Law

1 Readings

  • 1862 and 1913 Tax Forms (optional)

1 Quiz

  • Lesson 1.6 Knowledge Check

Lesson 1.7 Statutory Sources of Tax Law

    • 1 Videos
    • 1 Quiz
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1 Videos

  • Statutory Sources of Tax Law

1 Quiz

  • Lesson 1.7 Knowledge Check

Lesson 1.8 Administrative Sources of Tax Law

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Administrative Sources of Tax Law

1 Quiz

  • Lesson 1.8 Knowledge Check

Lesson 1.9 Judicial Sources of Tax Law

    • 2 Videos
    • 1 Quiz
Show info about module content

2 Videos

  • Judicial Sources of Tax Law - Part 1
  • Judicial Sources of Tax Law - Part 2

1 Quiz

  • Lesson 1.9 Knowledge Check

Module 1 Review

    • 1 Assignment
Show info about module content

1 Assignment

  • An Introduction to Taxation Quiz

Module 2 Information

    • 1 Readings
Show info about module content

1 Readings

  • Module 2 Overview and Resources

Lesson 2.1: Gross Income

    • 2 Videos
    • 1 Quiz
Show info about module content

2 Videos

  • Gross Income - Income Tax Formula
  • Gross Income - Tax Forms

1 Quiz

  • Lesson 2.1 Knowledge Check

Lesson 2.2: Deductions and AGI

    • 1 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • Deductions and AGI

1 Readings

  • Standard Deduction Amounts for 2022, 2021, and 2020

1 Quiz

  • Lesson 2.2 Knowledge Check

Lesson 2.3: Qualifying Children and Qualifying Relatives

    • 2 Videos
    • 2 Readings
    • 1 Quiz
Show info about module content

2 Videos

  • Qualifying Children and Qualifying Relatives - Part 1
  • Qualifying Children and Qualifying Relatives - Part 2

2 Readings

  • Qualifying Child and Qualifying Relative Tests
  • The Child Tax Credit: Current Law

1 Quiz

  • Lesson 2.3 Knowledge Check

Lesson 2.4: Tax Calculation

    • 1 Videos
    • 3 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • Tax Calculation

3 Readings

  • Tax Rate Schedules for 2022
  • Tax Rate Schedules for 2021
  • Tax Rate Schedules for 2020

1 Quiz

  • Lesson 2.4 Knowledge Check

Lesson 2.5: Filing Status

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Filing Status

1 Quiz

  • Lesson 2.5 Knowledge Check

Lesson 2.6: Filing Requirements and Other Dependent Issues

    • 2 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

2 Videos

  • Filing Requirements and Other Dependent Issues
  • The "Kiddie" Tax

1 Readings

  • Former Kiddie Tax Rules Restored

1 Quiz

  • Lesson 2.6 Knowledge Check

Lesson 2.7 Statutes of Limitations

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Statutes of Limitations

1 Quiz

  • Lesson 2.7 Knowledge Check

Module 2 Review

    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Computing the Tax Quiz

1 Readings

  • Overview of the Federal Tax System in 2022

Module 3 Information

    • 1 Readings
Show info about module content

1 Readings

  • Module 3 Overview and Resources

Lesson 3.1: Gross Income: Concepts

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Gross Income: Concepts

1 Quiz

  • Lesson 3.1 Knowledge Check

Lesson 3.2: Accounting Methods

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Accounting Methods

1 Quiz

  • Lesson 3.2 Knowledge Check

Lesson 3.3: Accounting Method Exceptions

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Accounting Method Exceptions

1 Quiz

  • Lesson 3.3 Knowledge Check

Lesson 3.4: Gross Income I: Alimony, Discharge of Indebtedness, Annuities

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Gross Income I: Alimony, Discharge of Indebtedness, Annuities

1 Quiz

  • Lesson 3.4 Knowledge Check

Lesson 3.5: Gross Income: Example

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Gross Income: Example

1 Quiz

  • Lesson 3.5 Knowledge Check

Lesson 3.6: Gross Income II: Prizes, Life Insurance, Unemployment Compensation, Social Security Benefits

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Gross Income II: Prizes, Life Insurance, Unemployment Compensation, Social Security Benefits

1 Quiz

  • Lesson 3.6 Knowledge Check

Module 3 Review

    • 1 Quiz
Show info about module content

1 Quiz

  • Gross Income Quiz

Module 4 Information

    • 2 Readings
Show info about module content

2 Readings

  • Module 4 Overview and Resources
  • Sharing "Goodreads"

Lesson 4.1: Municipal Bond Interest, Gifts, Life Insurance Proceeds

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Municipal Bond Interest, Gifts, Life Insurance Proceeds

1 Quiz

  • Lesson 4.1 Knowledge Check

Lesson 4.2: Scholarships, Payments for Damages, Compensation for Injuries and Sickness

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Scholarships, Payments for Damages, Compensation for Injuries and Sickness

1 Quiz

  • Lesson 4.2 Knowledge Check

Lesson 4.3: Meals and Lodging, Recovery of Capital Issues

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Meals and Lodging, Recovery of Capital Issues

1 Quiz

  • Lesson 4.3 Knowledge Check

Lesson 4.4: Employee Fringe Benefits: Non-Discriminatory

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Employee Fringe Benefits: Non-Discriminatory

1 Quiz

  • Lesson 4.4 Knowledge Check

Lesson 4.5: Employee Fringe Benefits: Discriminatory

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Employee Fringe Benefits: Discriminatory

1 Quiz

  • Lesson 4.5 Knowledge Check

Module 4 Review

    • 1 Quiz
Show info about module content

1 Quiz

  • Gross Income: Exclusions Quiz

Module 5 Information

    • 1 Readings
Show info about module content

1 Readings

  • Module 5 Overview and Resources

Lesson 5.1: Deductions: For vs. From AGI

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Deductions: For vs. From AGI

1 Quiz

  • Lesson 5.1 Knowledge Check

Lesson 5.2: Trade or Business Deductions: Concepts

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Trade or Business Deductions: Concepts

1 Quiz

  • Lesson 5.2 Knowledge Check

Lesson 5.3: Timing of Deductions

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Timing of Deductions

1 Quiz

  • Lesson 5.3 Knowledge Check

Lesson 5.4: Political Contributions, Lobbying, Executive Compensation

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Political Contributions, Lobbying, Executive Compensation

1 Quiz

  • Lesson 5.4 Knowledge Check

Lesson 5.5: Investigation Costs

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Investigation Costs

1 Quiz

  • Lesson 5.5 Knowledge Check

Lesson 5.6: Hobby Losses

    • 1 Videos
    • 1 Discussion
    • 1 Quiz
Show info about module content

1 Discussions

  • Hobby Losses and Tax Policy

1 Videos

  • Hobby Losses

1 Quiz

  • Lesson 5.6 Knowledge Check

Lesson 5.7: Vacation Home Rental Deductions

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Vacation Home Rental Deductions

1 Quiz

  • Lesson 5.7 Knowledge Check

Lesson 5.8: Vacation Home Rental Deductions: Example

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Vacation Home Rental Deductions: Example

1 Quiz

  • Lesson 5.8 Knowledge Check

Module 5 Review

    • 1 Quiz
Show info about module content

1 Quiz

  • Deductions and Losses: In General Quiz

Module 6 Information

    • 1 Readings
Show info about module content

1 Readings

  • Module 6 Overview and Resources

Lesson 6.1: Introduction and Transportation Expenses

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Introduction and Transportation Expenses

1 Quiz

  • Lesson 6.1 Knowledge Check

Lesson 6.2: Travel Expenses

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Travel Expenses

1 Quiz

  • Lesson 6.2 Knowledge Check

Lesson 6.3: Bad Debts

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Business Expenses: Bad Debts

1 Quiz

  • Lesson 6.3 Knowledge Check

Lesson 6.4: Qualified Business Income

    • 2 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

2 Videos

  • Business Expenses: Qualified Business Income
  • Qualified Business Income Example

1 Readings

  • The Section 199A Deduction for Passthroughs

1 Quiz

  • Lesson 6.4 Knowledge Check

Lesson 6.5: NOLs and Casualty Losses

    • 2 Videos
    • 1 Quiz
Show info about module content

2 Videos

  • Net Operating Losses (NOLs)
  • Casualty Losses

1 Quiz

  • Lesson 6.5 Knowledge Check

Lesson 6.6: Education Expenses

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Education Expenses

1 Quiz

  • Lesson 6.6 Knowledge Check

Lesson 6.7: Meals, Entertainment, and Home Office Expenses

    • 1 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • Meals, Entertainment, and Home Office Expenses

1 Readings

  • Certain Business Meals 100% Deductible in Tax Years 2021 and 2022.

1 Quiz

  • Lesson 6.7 Knowledge Check

Module 6 Review

    • 1 Quiz
Show info about module content

1 Quiz

  • Business Deductions Quiz

Module 7 Information

    • 1 Readings
Show info about module content

1 Readings

  • Module 7 Overview and Resources

Lesson 7.1: Itemized Deductions: Overview and Medical Expenses

    • 1 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • Itemized Deductions: Overview and Medical Expenses

1 Readings

  • Itemized Deductions

1 Quiz

  • Lesson 7.1 Knowledge Check

Lesson 7.2: Itemized Deductions: Taxes and Interest

    • 1 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • Itemized Deductions: Taxes and Interest

1 Readings

  • The Mortgage Interest Deduction

1 Quiz

  • Lesson 7.2 Knowledge Check

Lesson 7.3: Itemized Deductions: Charitable Contributions

    • 1 Videos
    • 2 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • Itemized Deductions: Charitable Contributions

2 Readings

  • FOR AGI Charitable Deduction and Increase in AGI Limit for 2020 and 2021
  • The Charitable Deduction for Individuals

1 Quiz

  • Lesson 7.3 Knowledge Check

Lesson 7.4: Retirement Plans and Traditional IRAs

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Retirement Plans and Traditional IRAs

1 Quiz

  • Lesson 7.4 Knowledge Check

Lesson 7.5: Non-Deductible and Roth IRAs

    • 1 Videos
    • 1 Quiz
Show info about module content

1 Videos

  • Non-Deductible and Roth IRAs

1 Quiz

  • Lesson 7.5 Knowledge Check

Lesson 7.6: IRA Basis and Rollovers

    • 1 Videos
    • 2 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • IRA Basis and Rollovers

2 Readings

  • RMD Age Increased to 73
  • Exceptions to the 10 Percent Penalty on Early Distributions

1 Quiz

  • Lesson 7.6 Knowledge Check

Lesson 7.7: Exceptions to the Early Withdrawal Penalty

    • 1 Videos
    • 1 Readings
    • 1 Quiz
Show info about module content

1 Videos

  • Exceptions to Early Withdrawal Penalty

1 Readings

  • Early Withdrawals from Retirement Accounts

1 Quiz

  • Lesson 7.7 Knowledge Check

Module 7 Review

    • 1 Quiz
Show info about module content

1 Quiz

  • Itemized Deductions and Retirement Plans Quiz

Module 8 Information

    • 1 Readings
Show info about module content

1 Readings

  • Module 8 Overview and Resources

Lesson 8: Comprehensive Example

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Unlock Comprehensive Example Solution Quiz

1 Videos

  • Comprehensive Example

1 Readings

  • Comprehensive Example Solution

Module 8 Review

    • 4 Readings
    • 1 Discussion
    • 1 Plugin
    • 4 Assignment
Show info about module content

4 Assignment

  • Graded Tax Return - Section 1 Gross Income & Deductions for AGI
  • Graded Tax Return - Section 2 Deductions from AGI Quiz
  • Graded Tax Return - Section 3 Dependents, Taxes, and Credits Quiz
  • Graded Tax Return - Section 4 Payments and Refund Quiz

1 Discussions

  • Final Reflection: I used to think ... Now I think

4 Readings

  • Module 8 Graded Tax Return Problem Instructions
  • Course Wrap-Up
  • Congratulations on completing the course!
  • Get Your Course Certificate
Matthew Hutchens
Instructor

Matthew Hutchens