This redesigned course is the first course in a four-course U.S. Federal Tax Specialization and reflects legislation from the One Big Beautiful Bill Act passed in 2025. It covers and focuses on the U.S. federal tax system as it relates to individuals, employees, and sole proprietors. Key concepts covered include gross income and items that are statutorily included or excluded in it, personal and business expenses that qualify as tax deductions, and the differing tax treatments for employees versus self-employed taxpayers. Unlike many other introductory courses in tax and as part of this course’s comprehensive wrap-up, learners will be provided with practical and tangible experience reporting both income and expenses on the main individual tax return used in the US Form 1040.
Federal Taxation I: Individuals, Employees, and Sole Proprietors
Federal Taxation I: Individuals, Employees, and Sole Proprietors
This course is part of U.S. Federal Taxation Specialization
Instructor: Matthew Hutchens
Access provided by ExxonMobil
48,905 already enrolled
714 reviews
What you'll learn
Identify relevant sources of tax law.
Compute an individual’s federal taxable income and tax liability.
Identify differences in tax-preferred retirement vehicles.
Complete a basic US federal tax return.
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There are 8 modules in this course
This module introduces the course and U.S. taxes, including the federal income tax structure from income to tax liability. It also reviews the constitutional basis, historical development, and primary sources of U.S. tax law.
What's included
11 videos10 readings9 assignments1 discussion prompt1 plugin
This module focuses on gross income and Adjusted Gross Income (AGI) within the U.S. federal income tax system. It explains how deductions affect AGI and concludes with dependency rules, tax calculation, and filing requirements.
What's included
8 videos5 readings8 assignments
This module examines gross income with a focus on statutory inclusions. It explains how specific rules determine whether certain receipts, such as unemployment compensation or Social Security benefits, are included in income and when they must be reported.
What's included
8 videos1 reading6 assignments
This module focuses on statutory exclusions from gross income under IRC §61. It explains key reasons for exclusions, including non-profit transfers, economic restoration, and social policy goals.
What's included
5 videos2 readings6 assignments
This module introduces tax deductions and explains how for-AGI deductions reduce income to calculate Adjusted Gross Income (AGI). It covers income-related and selected personal for-AGI deductions, such as business expenses and retirement contributions, and concludes with the tax treatment of hobbies.
What's included
6 videos1 reading7 assignments
This module examines fact-specific rules governing expense deductibility, including differences between employees and self-employed taxpayers. It also highlights key limits and business deductions, such as nondeductible expenses, net operating losses, and the qualified business income deduction.
What's included
10 videos2 readings8 assignments
This module covers from-AGI deductions, including itemized deductions and other personal deductions subject to AGI limits. It concludes with income deferral and exclusion concepts, especially those related to retirement savings and earnings.
What's included
5 videos1 reading6 assignments
In this module, you will review the Comprehensive Example video and apply those concepts to a tax return problem.
What's included
2 videos6 readings5 assignments1 discussion prompt1 plugin
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This course is part of the following degree program(s) offered by University of Illinois Urbana-Champaign. If you are admitted and enroll, your completed coursework may count toward your degree learning and your progress can transfer with you.¹
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Reviewed on Jan 17, 2020
Great overview of 1040 preparation. My primary purpose for taking the course was learning the details of, and computing the AMT. I am disappointed this was not covered.
Reviewed on Jan 2, 2020
Thank you so much for the information and session on US Tax Fed Tax . Its a great learning platform for everyone who opt the course through Coursera! Thanks again.
Reviewed on Sep 5, 2018
Completed on September 5, 2018 - excellent introduction course that can lead to a Coursera Certificate titled "U.S. Federal Taxation Specialization" sponsored by the University of Illinois.
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University of Illinois Urbana-Champaign
University of Illinois Urbana-Champaign
University of Illinois Urbana-Champaign
University of Illinois Urbana-Champaign