This course is the first course in a five-course US Federal Tax Specialization. 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.
This course is part of the U.S. Federal Taxation Specialization
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U.S. Federal Taxation SpecializationUniversity of Illinois at Urbana-ChampaignAbout this Course
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Course 1 of 5 in the
Intermediate Level
Approx. 31 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish
Flexible deadlines
Reset deadlines in accordance to your schedule.
Shareable Certificate
Earn a Certificate upon completion
100% online
Start instantly and learn at your own schedule.
Course 1 of 5 in the
Intermediate Level
Approx. 31 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish
Offered by
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
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This course is part of the 100% online Master of Science in Accountancy (iMSA) from University of Illinois at Urbana-Champaign.
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Syllabus - What you will learn from this course
1 hour to complete
INTRODUCTION TO THE 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.
1 hour to complete
4 videos (Total 9 min), 4 readings
5 hours to complete
MODULE 1: AN INTRODUCTION TO TAXATION
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.
5 hours to complete
12 videos (Total 108 min), 6 readings, 10 quizzes
5 hours to complete
MODULE 2: COMPUTING THE TAX
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.
5 hours to complete
10 videos (Total 85 min), 12 readings, 8 quizzes
3 hours to complete
MODULE 3: GROSS INCOME
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.
3 hours to complete
6 videos (Total 59 min), 1 reading, 7 quizzes
3 hours to complete
MODULE 4: GROSS INCOME: EXCLUSIONS
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.
3 hours to complete
5 videos (Total 53 min), 2 readings, 6 quizzes
Reviews
- 5 stars90.92%
- 4 stars7.77%
- 3 stars0.55%
- 2 stars0.18%
- 1 star0.55%
TOP REVIEWS FROM FEDERAL TAXATION I: INDIVIDUALS, EMPLOYEES, AND SOLE PROPRIETORS
by RCApr 4, 2020
I didnt see Healh insurance Explanation and forms to fill out.
Any how, this course is EXCELLENT.
THANK YOU Instructors and the rest of the team that make it posible.
by TRApr 12, 2020
This was a great introduction into Federal Taxation. It gave excellent examples of all of the components that go into a 1040 tax prep. I loved the course and I feel the professors did an amazing job.
by BMOct 22, 2018
EXCELLENT VIDEOS, GREAT QUIZ, PRACTICAL APPLICATION AND SOLVING OF PROBLEM GREATLY HELPS IN UNDERSTANDING THE CONCEPT, AT THE SAME TIME TEACHES TO APPLY THE CONCEPT!!
by MKJan 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.
About the U.S. Federal Taxation Specialization
This Specialization introduces the U.S. federal tax system via conceptual and applied material. Learners will be able to apply basic principles to settings involving individuals, corporations, and other business entities, complete key components of major, individual U.S. federal tax returns, and identify tax-related strategies and implications of structuring transactions and organizations.
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