During my QuickBooks Training Classes, the topic of Taxes and Taxation always comes up. Even though QuickBooks is related to Accounting and Bookkeeping… not Taxes; we all know that Tax is the most important reason why anyone upkeeps their books during the year.
That being said, the following is a collection of videos I recommend for anyone getting started in the world of tax preparation for individuals or businessess. I make this videos a requirement for all students attending out tax courses.
Tax Law and Concepts Explained
- Basic of Income Tax Rate Schedule
- Tax Deductions Explained
- Alternative Minimum Tax Introduction
- AMT Overview
- Traditional IRA – Individual Retirement Account
- Roth IRA
- 401k Retirement Plans
- Estate Tax Introduction
Individual Tax Return Preparation (Form 1040)
- Intro to 1040EZ Preparation
- Intro to 1040A Preparation
- Schedule B – Interest and Dividends
- Schedule D – Capital Gains
- Schedule D – Capital Losses
- How to Fill our Form 1040, without tax software
- Example of Filling out Schedule A (Itemized Deductions) with Tax software
- Form 8867 – Earned Income Credit Checklist with Tax Software
- Who Qualifies as a Dependent (2009, but same concept applies to 2012-2013)
- Some Overlooked Tax Deductions – Student Loans Adjustments, Educator Expenses, and State Income Tax paid
- Introduction to Tax Breaks and Deductions
- Alternative Minimum Tax (AMT)
- Cancelled Debt and Foreclosures
- Common Income Tax Deductions
Business, Self-Employed, or Sole Propitiators
- Intro to Schedule C Preparation
- Cost of Goods Sold (COGS) on Schedule C
- Schedule C – Business Vehicle
- Schedule C Deductions and its effect on Earned Income Credit
- Ordinary, Necessary, or Reasonable Expenses
- Cash Basis of Accounting
- Accrual Basis of Accounting
- Comparing Cash and Accrual
- Balance Sheet and Income Statement Introduction
- Corporations and Limited Liability
- Limited Liability and Double Taxation
Penalties, Regulations, Tax Policy and Economics
Accounting or Non-Tax related (Optional Reading)
- NOVA College Free Principles Accounting I Course (iTunes) – This is the most complete freely available web-based course on accounting out there. Requires iTunes (via iTunes U)
- NOVA College Free Principles Accounting II Course (iTunes) – This is the most complete freely available web-based course on accounting out there. Requires iTunes (via iTunes U)
- Free QuickBooks Training Videos – largest source of tutorials and how to videos on the web for QuickBooks
- IRSvideos.gov – IRS official site to IRS and Tax Training
This is just a small list, but is very comprehensive… please bookmark this page, as I will keep updating it as I fond more. All these videos I found online, I did not produce nor take credit for them… just recommend them for a beginner tax preparer to watch before taking a tax preparation training course.
Hector Garcia, RTRP
QuickBooks ProAdvisor & Registered Tax Return Preparer
QuickBooks Training Courses, South Florida
hector@quickbooks-training.net
