STANDARD COMPETENCIES:

 

 1. Identify Filing Status for tax returns.

 2. Determine allowable exemptions.

 3. Determine income which includes wages, interest and dividends, alimony, business income, capital gains, pensions and annuities, unemployment compensation, social security benefits, and other income.

 4. Calculate adjustments to income which includes health savings, moving expenses, alimony paid, IRA deduction, student loan interest deduction, and more.

 5. Calculate Tax and Credits which will include itemized deductions, credit for child and dependent care expenses, credit for the elderly or disabled, education credits, savers credit and child tax credits.

 6. Determine other Taxes, Payments, and Refunds:  This section will include self-employment tax, direct deposit, and the earned income tax credit (EITC).

 7. Demonstrate proficiency using IRS approved income tax software.

 

 

 TOPICAL OUTLINE:

 

 I.      The students will learn to prepare tax returns using professional tax software and answer basic tax questions.  The following theory will be taught to obtain this expertise:

 II.     Filing Status:  Students will learn the five different filing status categories.

 III.    Exemptions:  Students will be taught about dependents and exemptions.

 IV.     Income:  Includes wages, interest and dividends, alimony, business income, capital gains, pensions and annuities, unemployment compensation, social security benefits, and other income.

 V.      Adjustments:  Includes health savings, moving expenses, alimony paid, IRA deduction, student loan interest deduction, and more.

 VI.     Tax and Credits:  Will include itemized deductions, credit for child and dependent care expenses, credit for the elderly or disabled, education credits, savers credit and child tax credits.

 VII.    Other Taxes, Payments, and Refunds:  This section will include self employment tax, direct deposit, and the earned income tax credit (EITC).