Free Online Course on Federal Taxation I: Individuals, Employees, and Sole Proprietors

Free Online Course on Federal Taxation I
Certificate fee scholarship is available for this course.

Institution: University of Illinois
Start Date: Available Now

The University of Illinois is excited to offer its free online course entitled “Federal Taxation I: Individuals, Employees, and Sole Proprietors”. This course is designed for learners who want to obtain an introductory knowledge of US Federal Taxation on individuals, employees, and sole-proprietors.

This course is the first course in a five-course US Federal Tax Specialization. It covers and focuses on the U.S. federal tax system. 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.

Course Summary

  • Duration: 8 weeks
  • Commitment: 6-8 hours/week
  • Subject:  Business
  • Institution: University of Illinois at Urbana-Champaign
  • Languages: English
  • Price: Free
  • Session: Available Now
  • Requirement:  None
  • Certificate Available: Yes

Who Developed the Course

The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni.

Target Audience

  • This course is designed for learners who want to obtain an introductory knowledge of US Federal Taxation on individuals, employees, and sole-proprietors.
  • While the foundations laid in this course are critical for those who seek a career within the accounting profession, they are essential for all who are in the field of business as taxes are often the largest single expense of most companies!

Where Could This Lead You

After completing this course, you can apply for jobs in the given fields:

  • Finance Manager
  • Accountant

Get Extra Benefits

Get a verified certificate to highlight the knowledge and skills you acquire (₹5,655/mo)

  • Official and approved-Get a certificate with the logo of the institution and the signature of a professor to show your achievements and increase your professional prospects
  • Easy to share-Add the certificate to your résumé or resume, or publish it directly on LinkedIn
  • Proven motivational measure-Give yourself an additional stimulus to complete the course

How to Join This Course

You can register yourself here.

Course Format

WEEK 1: Introduction to the Course

In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment.

MODULE 1: An Introduction to Taxation

In this module, you will be introduced to the different kinds of taxes faced by U.S. taxpayers and the U.S. federal income tax structure.

WEEK 2

MODULE 2: Computing The Tax

In this module, the course will take a deeper dive into each part of the U.S. federal income tax structure, with a focus on what is included in gross income.

WEEK 3

MODULE 3: Gross Income

In this module, you will take a deeper dive into gross income, specifically regarding statutory inclusions. Congress, the courts, and the IRS have specific rules on whether and when certain income items are included as gross income.

WEEK 4

MODULE 4: Gross Income: Exclusions

In this module, you will take a deeper dive into gross income, specifically regarding statutory exclusions. Congress, the courts, and the IRS allow exclusions of money or property received by the taxpayer for various reasons.

WEEK 5

MODULE 5: Deductions And Losses: In General

In this module, you will learn about deductions, which is the term used in tax to describe an expense that is allowed to reduce a taxpayer’s tax liability.

WEEK 6

MODULE 6: Deductions And Losses: Itemized Vs Business

In this module, the course first turn our focus to expenses that qualify as itemized deductions, which are a from AGI deduction.

WEEK 7

MODULE 7: Deductions: Employee And Self-Employed Expenses

In this module, the course will discuss several unique situations where the same expense may or may not be deductible, dependent on the facts and circumstances surrounding the situation.

WEEK 8

MODULE 8: Comprehensive Example

In this module, you will review the Comprehensive Example video and then learn to apply the concepts to a tax return problem.

Learning Outcomes

By the end of the course, you’ll be able to understand:

Practical and tangible reporting both income and expenses on the main individual tax return used in the US, Form 1040.

Who Will You Learn With?

  • Matthew Hutchens: Lecturer of Accountancy, Department of Accountancy
  • Petro Lisowsky: PhD, CPA, Associate Professor of Accountancy, College of Business: Department of Accountancy

Conclusion

  • Importance of Course: Upon completion of this course you should have a good understanding of the theoretical and technical aspects of individual taxation.
  • Importance of Certificate: By the Certificate of Achievement you will be able to prove your success when applying for jobs or courses. You can display it on your LinkedIn or CV.

Detailed Information

For more information about the course, you may visit the Website.

Apply Now

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