Are you looking for a career that features permanency and flexibility with the potential to earn high? If so, then think about turning into someone who professionally prepares tax returns. Even with the pandemic ravaging the world, the tax preparation career stays in demand and conveys to the world an essential and timely service. If this sounds like you, then you should think about tax preparation classes.
Starting a business in tax preparation can be pretty lucrative and exists as an excellent means to earn extra income while merely working less than eight hours a day. A video posted on Facebook claims that many tax preparation professionals average $21,000 in a month or less, even when working in the comfort of their homes. What’s more, it’s perfect for people who possess the following skills:
1. Proficient in accounting and math,
2. Outstanding communication flairs, be it in speaking or writing,
3. Orderly and detail-oriented,
4. Superb social and people skills,
5. Enjoy working and helping clients save money, and
6. Good understanding and application of tax laws, besides variations in the tax preparation process.
Why Take Tax Preparation Classes
Now, to have a good knowledge and application skills of taxation laws, you have to take lessons on tax preparation. And to take tax preparation courses, you typically do not need any work experience. Completing high school and being proficient in basic math is enough. But, in reality, anyone fascinated in learning about taxes or launching, if not advancing a tax preparation career, should take tax preparation classes.
If you are a newbie, these classes will facilitate your realizing if it’s the right career for you. Also, after finishing a tax preparation program for beginners, you may take the Enrolled Agent exam. Upon passing the three different exam parts, you can register with the Internal Revenue Service. Next, you will have to get a PTIN or preparer tax identification number to start your tax preparer career. On the other hand, taking tax preparation classes can advance the careers of seasoned tax preparers and help them earn continuing professional education credits needed to keep their licenses active.
Where to Take Tax Preparation Classes
The most acceptable tax preparation classes are obtainable at reputable companies online at an affordable cost, besides covering topics that can fill anyone’s knowledge or skill gap. Then, there, too, is the IRS course without charge. Aside from not paying anything, you can get feedback on all missed questions with a chance to return for another free tax class at your most convenient time within the tax class duration of six months.
Of course, many online platforms offer tax preparation courses for a fee. Some cater best for beginners, advanced, continuing education, enrolled agent exam preparation, low-cost options, and volunteers. So, it’s really up to you. One thing is sure, though, you’ll learn the process of preparing federal returns in the introductory tax course for individuals, as well as small or medium-sized businesses.
And when you go on to advanced tax preparation classes, you’ll learn the proper way to prepare other complex returns, like those for corporations. On top of that, you’ll know in what form you can develop tax schemes for your clients. Just make sure that the company you choose is IRS-approved that provides continuing education and extends tax preparation training at a reasonable cost.
Top Tax Preparation Courses
By this time, if you’ve taken tax preparation classes for beginners, you may aspire to boost your knowledge with more advanced tax lessons. After all, learning advanced taxation law and preparation for taxpayers, besides businesses, remains an excellent means to increase the number of your clients.
With superior tax knowledge, you’ll be ready to prepare complicated returns that will let you earn more. Plus, folks will prefer engaging your services for tax preparation since you can take charge of all kinds of tax conditions. And guess what? You have choices! You can get these lessons one after another or take as many classes as you can handle. In this post, we will review some beneficial tax preparation courses you can select from.
Business Tax Preparation Mastery Bundle
This course is an in-depth advanced tax preparation training that covers tax law on Nonprofits, S Corps, corporations, Partnerships, and Schedule C. Hence, learning this stuff is essential if you want to be able to offer solutions to your company clients, right? What’s more, this tax preparation class is unique because it gives you the chance to experience a live thorough explanation and demonstration of every step in the process of preparing a tax return for commercial tax clients.
To give you an idea, the first day of the course focuses on Schedule C Sole Proprietor Tax Law and LIVE Tax Preparation Training. On the second day, you focus on the S Corporation Tax Law with a LIVE Tax Preparation Training. Then, the following days are devoted to Partnership Tax Law and LIVE Tax Preparation Training, C Corporation Tax Law with LIVE Tax Preparation Training, and Exempt Organizations or Nonprofit Tax Law and LIVE Tax Preparation Training.
All in all, there are 16 on-demand videos and 17 Lessons that cost only $197. In addition, this tax preparation class is available on Certyible.com, an IRS-Approved provider of continuing professional education. Thus, when you complete this course and pass its final assessment, you’ll earn 18 Continuing Education Credits. If you’re interested, click here.
My Schedule C Course
For $97, you’ll get three on-demand videos and three lessons covering in-depth advanced tax preparation training, Schedule C tax law, and walk-throughs of preparing tax returns for business clients. After all, owners of small businesses filing taxes through a single-member LLC or under a single proprietorship must file the business’ Income Statement using this schedule.
Note that this income exists as part of the owner’s tax return. So, when you select this tax preparation class, you will learn all the latest changes in this tax law, as well as the 2021 Consolidated Appropriations Act. In addition, the course includes the Due Diligence Checklist, Pre-Tax Preparation Checklist, Tax Preparation, Overview of forms and instructions, Schedule C Review Checklist, Pricing Categories, Practice Returns, and a Tax Preparation Walk-through.
Hence, this course stays most helpful to professionals new to the practice or at the entry level of an organization. Now, even if you’re a seasoned practitioner with limited experience on Schedule C, this course can help you heaps. You can check out this course here.
Costing $47, this tax preparation class includes two on-demand videos and two lessons. It offers in-depth advanced tax preparation training on Nonprofits’ tax law and walk-throughs of their tax preparation. We all know that in the U. S., tax-exempt organizations are those organized and run exclusively for (1) charitable, (2) religious, (3) scientific, (4) public safety testing, (5) literary, (6) educational, and (7) other specified intents that meet specific other requirements under the Internal Revenue Code Section 501(c)(3).
As a rule, exempt organizations stay obliged to file yearly returns, although at hand are exceptions. The IRS imposes financial penalties when an organization fails to file or is delinquent in filing a return. What’s more, if the organization fails to file for three successive years, it spontaneously loses its status as tax-exempt.
Therefore, being an expert in the tax law governing exempt organizations is vital for any tax preparer. In addition, this tax preparation class takes up filing scenarios, other Section 501(C) organizations, penalties for non-filing, Exempt Entity filing requirements, UBIT or Unrelated Business Income Tax, pricing categories, and the Nonprofit tax preparation checklist. So, if you have clients falling under this status, check out the Non-Profit Masterclass.
S Corporation Masterclass
At $97, you will get three on-demand videos and three lessons in this course that offers in-depth advanced tax preparation training and S Corps tax law knowledge. Also included in the package are walk-throughs of tax preparation for S Corps. More than 4.5 million U.S. firms utilize the S Corps structure with features such as tax savings and limited liability. Perhaps, it’s because S corporations, when measured up with single proprietorships and partnerships, have an advantage in aspects like ownership transfer and business continuance.
By and large, an S Corp is exempted from paying federal tax, except for some other tax, such as certain passive income and capital gains. Plus, it is handled similarly to partnerships. So, in filing the Corporate Tax Return, these companies use Form 1120S with the shareholders’ profits, deductions, and losses detailed in Schedule K-1.
This makes learning more about the S Corp Tax Law imperative for all tax professionals. This tax preparation class discusses reasonable payroll, late election, pre-tax preparation checklist, tax form preparation and instructions, pricing categories, and a tax preparation walk-through. If you want to learn more about this tax law, you can check this masterclass.
This tax preparation class is reasonably priced at $97. With four on-demand videos and four lessons, you will get in-depth advanced tax preparation training, more knowledge on the Partnership Tax Law, and walk-throughs of how its tax return is prepared. By now, we know that a partnership has to file an information return annually to report its operational gains, income, deductions, and losses, among many others, without paying income tax.
In its place, it forwards its losses or profits to the partners, who, in turn, individually report their partnership income or loss share on their tax returns. And since partners aren’t employees, they do not receive a W-2 from the partnership. Instead, they are furnished Form 1065 Schedule K-1 copies. Therefore, keeping yourself updated and more knowledgeable on this tax law is essential.
This tax preparation class is even a must for all tax preparers because significant potential changes to the rules are apparent with the passing of the budget reconciliation law if Senator Wyden negotiates well to include several schemes. Hence, businesses are highly advised to watch negotiation reports between the Treasury and Congress regarding the recommendations.
So, with this course, you get to update yourself on the Partnership Tax Law, Partnership Agreement, and binding power. Included, as well, are the difference between the general and limited partnership, prohibited businesses, partnership allocations, special allocations, guaranteed payments, separately stated items, the contribution of services, at-risk limitation, partnership basis, disbursements to partners, partnership distributions, pre-tax preparation checklist, tax form preparation and instructions, pricing categories, as well as a step-by-step explanation or guide on how to prepare tax returns. So, if you find this tax law fascinating, check out this masterclass.
C Corporation Masterclass
This tax preparation class costs only $97. With three on-demand videos and three lessons, you will receive in-depth advanced tax preparation training and more knowledge on C Corporation Tax Law. Also known as C-Corp, it is an allowed corporate structure wherein the owners, called shareholders, are assessed independently.
Corporate income tax laws govern this most widespread corporation structure. Generally, a C-Corp files return and pay federal taxes. On top of that, it pays state and local taxes to where it was incorporated and transacts business. Plus, it exists duty-bound to gather some taxes of other people or entities to be remitted to the IRS.
So, all tax professionals must take this tax preparation class to be updated on its governing laws. After all, failure to obey taxation or reporting requirements can cause penalties. Examples include fines and interest charges or losing the corporation’s privilege to legally operate where the need is imposed. Hence, this course discusses the existing C-Corp Tax Law, pre-tax preparation checklist, tax preparation forms and instructions, and pricing categories, besides the 1120 walk-through. Need updating on your C-Corp Tax Law knowledge? If yes, visit this link.
There are other related courses on Certifyible.com, the most significant tax, and accounting skills and education platform. Remember that the more skilled and knowledgeable you are, the more you can save money and time for your clients. And in the process, you will find it easier to grow and maintain a seven-digit tax preparation business.