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Tax Fundamentals
WELCOME TO NEXUS TAX SCHOOL
INTRODUCTION (1:04)
Module 1: Understanding Tax Basics
Introduction to Taxation Systems (3:12)
Different types of taxes: Income tax, payroll tax, sales tax, property tax, and excise tax. (3:25)
Module 2: Filing Status and Exemptions
Determining filing status (7:30)
Understanding exemptions and dependents: Significance of exemptions and criteria for qualifying dependents. (4:32)
Tax benefits for filing status and exemptions: Advantages of each filing status and maximizing tax benefits with dependents.
Module 3: Income and Deductions
Types of income: Earned income, passive income, investment income, and self-employment income. (11:47)
Common deductions and credits: Standard deduction, itemized deductions, tax credits, and education-related deductions and credits. (7:38)
Taxable vs. non-taxable income: Identifying taxable income sources and categories of non-taxable income. (1:56)
Module 4: Understanding Tax Forms and Filing Process
Overview of common tax forms: Form 1040, Form 1040A, Form 1040EZ, and various schedule forms. (6:53)
Electronic filing and IRS resources: E-filing options and utilizing IRS online tools and resources. (5:08)
Record keeping and documentation: Importance of accurate record keeping and necessary documentation for tax preparation. (2:39)
Module 5: Tax Planning and Strategies
Year-round tax planning: Adjusting withholdings, estimated tax payments, and timing deductions and income. (6:30)
Retirement planning and tax benefits: Retirement account options and tax advantages of retirement contributions. (5:40)
Tax-efficient investments: Understanding capital gains and losses and tax implications of different investment vehicles. (5:59)
Module 6: Special Tax Situations
Self-employment taxes: Reporting self-employment income and calculating self-employment tax (4:33)
Taxation of rental income: Reporting rental income and expenses, depreciation, and deductions for rental properties. (4:07)
Taxation of investments and dividends: Taxation of stocks, bonds, mutual funds, qualified dividends, and capital gains tax rates. (3:31)
Module 7: Tax Compliance and Ethics
Tax compliance responsibilities: Understanding tax obligations and penalties for non-compliance. (5:37)
Ethical considerations in tax preparation: Maintaining confidentiality, avoiding conflicts of interest, and adhering to professional standards. (5:39)
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Common deductions and credits: Standard deduction, itemized deductions, tax credits, and education-related deductions and credits.
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