Ahhh, school supplies, the smell of fresh books, and yellow buses on the road mean one thing....it is time for Tax School to start! I know, most people say that there is no way that they would learn to do taxes. Often, I hear excuses like a lack of math ability, or the complexity of tax law. As for math ability, taxes do not require complex calculation computations. A mere command of addition, subtraction, multiplication and division will provide all the math ability needed to learn taxes. And as for complexity, well any subject that you have yet to study is far more complex than one that you have been taught.
Out of excuses?
Great, then let us explore what you will learn! A basic income tax class, like the one taught at the Liberty Tax School will teach:
- Filing information and status
- Exemptions and dependents, and wages, salaries and tips, etc.
- Interest, dividends and other income, standard deduction and itemized deductions
- Child Tax Credit, Earned Income Credit, Child and Dependent Care Expenses
- Basis of property and capital gains
- Depreciation, profit or loss from a business and Schedule E's
- IRA deduction, student loan interest deduction, moving expenses and all other adjustments
Tax Schools are taught live in local tax offices as well as online offering flexible learning options. Live options typically meet twice per week for around 10 weeks.
And what will you do with this knowledge?
There are a variety of options for using tax knowledge. First, it will improve your own tax outcome. By understanding credits, withholdings and other tax topics, you will better understand what applies to your tax situation and how to take advantage of the opportunity. Second, you may wish to use this knowledge to help relatives and friends with their tax situations. Perhaps, you will even file their returns for them. Or third, you may wish to work as a tax preparer and help the general public. This career option offers great rewards through helping others and offers scheduling flexibility with free time in summer and fall.
Then check out the tax school at Liberty Tax!
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.