The 2022 Complete Tax Preparation Bundle

Money in Excel is an Excel template provided by Microsoft that has bank connectivity similar to many accounting software applications such a QuickBooks, bank connectivity allowing for the download of financial data directly from the financial institutions. This course will cover how to access the Money in Excel template and connect it to financial institutions, downloading financial data. The course will also cover other functions provided by Money in Excel including budgeting options and recurring transactions.

• Access 12 lectures & 2 hours of content 24/7
• Know what Money in Excel can be useful for
• Set up the Money in Excel template
• Connect Money in Excel to financial institutions
• Add account or categories & subcategories to data
• Sort business & personal data
• Create an income statement that may be useful for taxes
• Create a balance sheet or statement of net position
• Use the Money in Excel budgeting template

This course currently consists of a comprehensive problem showing the data input process of an S Corporation tax return into Form 1120S. With 21 lectures, this class covers Form 1120S format, M-1 adjustments, and reducing potential mistakes. The course will demonstrate how to enter the data into the tax forms in stages using an Excel worksheet and Lacerte Tax software. The tax forms can also be found on the IRS website.

• Access 21 lectures & 3 hours of content 24/7
• Use an Excel worksheet & tax software to support tax data input for an S corporation
• Enter & track M-1 adjustments and Schedule K adjustments
• Enter & review data for Form K-1
• Know the comparison of social security & Medicare tax between an S corporation and a Schedule C Sole Proprietorship

With 26 lectures, this course will demonstrate how to enter the data into the tax 1120 forms in stages to reduce potential mistakes and to identify errors as they happen so they can be fixed as quickly as possible. It will cover doing data input and entering M-1 adjustments using Excel worksheets and Lacerte tax software. PDF files of tax forms are also provided so you can enter data directly into the tax forms as the lectures go.

• Access 26 lectures & 5 hours of content 24/7
• Enter tax data for a C Corporation into Form 1120
• Minimize errors, isolate problems & remove the possibility of having to start the process all over again
• Enter & track M-1 adjustments
• Do data input using Excel worksheets & Lacerte tax software

The Income Tax: Business Use of Home Deduction course will discuss how you can qualify to take deductions for the business use of your home. With 4 hours of instruction, it will show how to calculate the business use of home deduction using actual expenses. It will explain rules specific to a daycare facility and run scenarios related to a daycare facility. You'll learn how to use the simplified method to calculate the business use of your home deduction and compare and contrast the simplified method to the actual expenses method. The course will also discuss how the business use of your home deduction could affect the sale or exchange of your home and deductions for business furniture and equipment.

• Access 45 lectures & 4 hours of content 24/7
• Learn tax benefits of the business use of your home deduction
• Calculate the business use of your home deduction
• Learn how & when to use the simplified method to calculate the business use of your home deduction
• Know the best practices for recordkeeping related to the business use of your home deduction

This 3-hour course will discuss how you can calculate the gain or loss on a home sale. With an example of a closing statement, you'll learn to pull information from it to calculate the profit or loss while using accompanying Excel worksheets and example calculations. The course material will also use an example problem as a reference point while moving forward, zooming into specific parts of the total when applicable. You'll also delve into different scenarios that can complicate calculating home sale gain or loss, such as the home being destroyed, condemned, received in a divorce, received as a gift, or inherited.

• Access 37 lectures & 3 hours of content 24/7
• Understand the tax consequences of a home sale
• Know the requirements to qualify for an exclusion of gain
• Learn how to calculate the taxable amount & the gain or loss of home sale

This 9-hour course will discuss who is required to file a Schedule C for small business income and who is self-employed. Understand what self-employment tax is, how to calculate it, and how to report it. The course will cover which tax forms a self-employed business will generally need to file and how the forms are related to each other, using actual tax forms as an example. Understand the different accounting methods and periods, business income, and components of the cost of goods sold. The course will also discuss common business expenses, including car, depreciation, employees' pay, insurance, and rent deductions.

• Access 112 lectures & 9 hours of content 24/7
• Understand the new tax changes related to small businesses
• Know what self-employment tax is, how to calculate it & how to report it
• Learn different accounting methods & periods including the cash method and the accrual method
• Know what is included in business income and the types of business income
• Understand the components of the cost of goods sold & how to calculate the cost of goods sold

This 6-hour course will discuss the tax benefits of traditional individual retirement accounts (IRAs), including how to record deductions related to traditional IRAs on tax forms, using actual tax forms as examples to demonstrate scenarios. Understand contribution limits to both traditional and Roth IRAs and how that contribution limits interplay with other types of retirement accounts. This course will also cover retirement savings contributions credits, including qualification credits and examples of reporting the credit using actual tax forms.

• Access 99 lectures & 6 hours of content 24/7
• Understand the tax benefits of traditional individual retirement accounts (IRAs) & their contribution limits
• Know the tax benefits of Roth IRAs & their contribution limits
• Compare & contrast traditional and Roth IRAs
• Understand retirement savings contributions credits, including qualification credits & examples of how to report the credit using actual tax forms

This four-hour course will teach you how to use QuickBooks to track personal tax items as well as business expenses easily so that you have year-end tax preparation materials in one well-organized place. With 36 lectures, you'll learn two methods for tracking personal tax items in your business QuickBooks file—one method working with equity draw accounts and the other utilizing QuickBooks classes. By the end of this course, you will also learn to use QuickBooks to track personal payments and business payments.

• Access 36 lectures & 4 hours of content 24/7
• Use equity draws accounts to track personal tax items in a business QuickBooks Desktop Pro 2019 file
• Add, work with & explain how to use QuickBooks Desktop Pro 2019 classes
• Use classes to track personal tax items in a business
• Explain how the profit & loss statement is related to the equity section of the balance sheet

This course will provide a detailed look at some important tax credits, including a discussion of the amount of each tax credit and the qualifications to take it. In this course, you will be able to use tax software and forms to show how the tax credits are input into the tax forms and to test variations in qualifications for the tax credits including income limitations. Using tax software to experiment with different scenarios is a very effective way to learn about how tax credits actually operate.

• Access 188 lectures & 14 hours of content 24/7
• Get a detailed look at & understand how tax credits work
• Learn about the amount of the tax credits & the qualifications to take the tax credits
• Use tax software & forms to show how the tax credits are input into the tax forms

The course will discuss options for getting access to QuickBooks desktop software including a free 30-day test period offered by Intuit, the owners of QuickBooks Desktop. Learners will know how to set up tax line mapping for a sole proprietorship and S Corporation, tax line mapping allowing users to export financial data from QuickBooks directly into the tax software. You will be using Lacerte tax software for our examples. Lacerte tax software is owned by Intuit and a 30-day free trial may be available to test out Lacerte tax software as well.

• Access 27 lectures & 5 hours of content 24/7
• Set up tax line mapping in the chart of accounts for a sole proprietorship
• Export data from QuickBooks Desktop to tax software for an S Corporation
• Export data from QuickBooks Desktop to Excel For an S Corporation
• Enter adjusting entries & tax entries for an S Corporation

Form 1065 is a vital tax document for business partnerships stating its profits, losses, deductions, and credits. This course will put together a systematic format of entering data into a Form 1065 that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again. Using a comprehensive problem will show the data input process, M-1 adjustment, data review, and more using Excel worksheets and Lacerte Tax software.

• Access 23 lectures & 4 hours of content 24/7
• Enter tax data for a Partnership into Form 1065
• Use an Excel worksheet to support tax data input
• Enter & track M-1 adjustments and Schedule K adjustments