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Individual Taxation Course
An Individual Taxation course provides a thorough understanding of the principles governing personal income taxes in the U.S. It covers topics such as income determination, deductions, credits, filing statuses, and tax brackets. Participants will learn how to accurately calculate taxable income, complete tax returns, and apply tax laws to various financial situations. The course also explores strategies for tax planning, including retirement contributions, investment income, and other ways to legally minimize tax liabilities. By the end of the course, students will be able to prepare and file individual tax returns while understanding key compliance requirements and tax-saving opportunities.
 
The attached course material will give you the insight of the US tax laws and overall individual taxation basics.
 
This material is only for Educational purpose. It is not for Tax advising.

Individual Taxation Course

$9.99Price

  • Here are the main key points for individual taxation:

    • Filing Status: Determines your tax rates and standard deduction. Common statuses are Single, Married Filing Jointly, Married Filing Separately, and Head of Household.

    • Gross Income: Includes wages, interest, dividends, and capital gains. It also includes rental income, business income, and other sources of taxable income.

    • Deductions:

      • Standard Deduction: A fixed amount that reduces taxable income.
      • Itemized Deductions: Includes medical expenses, mortgage interest, state and local taxes, and charitable contributions.

    • Tax Credits: Directly reduce your tax liability. Examples include the Earned Income Tax Credit, Child Tax Credit, and education credits.

    • Tax Brackets: Income is taxed progressively. Different portions of income are taxed at different rates based on income thresholds.

    • Self-Employment Taxes: Individuals who are self-employed must pay both the employer and employee portions of Social Security and Medicare taxes.

    • Capital Gains and Losses: The profit or loss from the sale of assets (like stocks or property) is taxed. Long-term gains (assets held for more than a year) often receive favorable tax rates compared to short-term gains.

    • Retirement Contributions: Contributions to retirement accounts (like IRAs and 401(k)s) can reduce taxable income, and some may qualify for tax credits.

    • Alternative Minimum Tax (AMT): Ensures that high-income earners pay a minimum amount of tax, even if they have a lot of deductions or credits.

    • Estimated Tax Payments: Required for individuals with significant non-wage income (such as self-employed individuals), to avoid underpayment penalties.

    These are the foundational aspects of individual taxation that affect most taxpayers.

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