AFSP Course Library

2 hours
Certificate CTEC IRS

Preparing Returns with Multiple Income Sources

Course Description:

This illustrative course is designed to provide a more tangible experience to understanding tax preparation. The course content will identify possible sources of taxable income, examine self-employment income and the necessity to make estimated payments, and generally explains the initial steps taken at the beginning of the return process.

Learning Objectives:

  • Determine all sources of taxable and non-taxable income (e.g., wages, interest, business, sale of property, dividends, rental income, income from flow-through entities, alimony, government payments, and pension distributions).
  • Self-employment income and expenses (e.g., Schedule C Profit or Loss from Business and Form 1099-MISC Miscellaneous Income, cash).
  • Other income (e.g., alimony, barter income, hobby income, non taxable combat pay, state income tax refund from prior years, prizes).
  • Sale of non-business assets (gains or losses).
  • Self-employment tax (e.g., Schedule SE Self-Employment Tax).
  • Understand payment options (e.g., check, direct debit, EFTPS, credit card, installment agreement-Form 9465).
    • Field of Study: Tax
      Course Level: Basic
      Prerequisite: None
      Delivery Method: Self Study
      Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.