University of Illinois at Urbana-Champaign
Federal Taxation I: Individuals, Employees, and Sole Proprietors
University of Illinois at Urbana-Champaign

Federal Taxation I: Individuals, Employees, and Sole Proprietors

This course is part of U.S. Federal Taxation Specialization

Taught in English

Some content may not be translated

Matthew Hutchens

Instructor: Matthew Hutchens

33,975 already enrolled

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Course

Gain insight into a topic and learn the fundamentals

4.9

(622 reviews)

|

97%

Intermediate level
Some related experience required
30 hours (approximately)
Flexible schedule
Learn at your own pace
Progress towards a degree

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Assessments

61 quizzes

Course

Gain insight into a topic and learn the fundamentals

4.9

(622 reviews)

|

97%

Intermediate level
Some related experience required
30 hours (approximately)
Flexible schedule
Learn at your own pace
Progress towards a degree

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This course is part of the U.S. Federal Taxation Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
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There are 9 modules in this course

In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.

What's included

4 videos4 readings1 discussion prompt

In this module, you will be introduced to the different kinds of taxes faced by US taxpayers and the US federal income tax structure. The origin of tax law and its constitutionality is discussed along with a brief history of the different changes in rates that have occurred since the 16th Amendment was passed. Finally, we will discover the three different sources of new tax laws and rules.

What's included

12 videos6 readings10 quizzes1 discussion prompt

In this module, we will take a deeper dive into each part of the US federal income tax structure, with a focus on what is included in gross income. We will learn how for-AGI deductions reduce gross income to generate adjusted gross income, or AGI, and why AGI is an important number that determines the floors and ceilings of many from-AGI deductions. We will also discuss who qualifies as a dependent. We will wrap up the module with a discussion of the actual calculation of the tax as well as filing status and filing requirements.

What's included

11 videos9 readings8 quizzes

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. These rules provide clarification in situations where it is unclear whether money or property received should actually be included as income.

What's included

6 videos1 reading7 quizzes

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.

What's included

5 videos2 readings6 quizzes

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. You will discover what adjusted gross income is, why it is important, and how to calculate it. You will also learn the difference in tax treatments for special types of activities, such as hobbies and rentals.

What's included

8 videos1 reading9 quizzes1 discussion prompt

In this module, we discuss several unique situations where the same expense may or may not be deductible, dependent on the facts and circumstances surrounding the situation. We will also learn about another from AGI deduction, the new 20% deduction for qualified business income. Finally, we will discuss other business deductions such as bad debts and net operating losses.

What's included

9 videos3 readings8 quizzes

In this module, we first turn our focus to expenses that qualify as itemized deductions, which are a from AGI deduction. To finish off this module, we’ll switch back to discussing income and situations where taxpayers can elect to delay recognition of income, such as saving for retirement, as well as situations where taxation of the annual earnings of those retirement savings are either deferred or permanently excluded from income.

What's included

7 videos8 readings8 quizzes

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

What's included

1 video6 readings5 quizzes1 discussion prompt1 plugin

Instructor

Instructor ratings
4.9 (194 ratings)
Matthew Hutchens
University of Illinois at Urbana-Champaign
5 Courses39,657 learners

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Get a head start on your degree

This course is part of the following degree programs offered by University of Illinois at Urbana-Champaign. If you are admitted and enroll, your coursework can count toward your degree learning and your progress can transfer with you.

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