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Taxation

370 Clock Hours/ 19 Weeks

This course introduces fundamental concepts in federal income taxation including the definition of income, the computation of tax liability, exclusions from income, basis, and deductions available for individuals in computing taxable income, and assignment of income. It provides training in a variety of office skills such as typing, data entry, and spreadsheets. The course will also teach students how to deal with Windows 10 operating environment, QuickBooks and Microsoft Office. The program seeks to prepare students for positions such as accounting clerk, bookkeeper, income tax preparer, entry-level accountant, accounts receivable/payable assistant payroll coordinator, and assistant office manager.

Learning Objectives:

Upon successful completion of this course, the student will be able to:

  • Exhibit refined knowledge related to tax accounting rules and regulations and analyze and resolve tax problems.
  • Identify, define, and resolve tax issues through their understanding, knowledge, and application of research methods and databases.
  • Recognize and apply relevant ethical standards as required in tax practice.
  • Write and deliver skillful tax communications (Demonstrate an understanding of tax issues)
  • Students will be able to create a company file
  • Run accounts receivable and accounts payable
  • Manage time-tracking and payroll
  • Track inventory
  • Manage budgets and describe key elements of bookkeeping.
  • Maintain ledgers and journals
  • Create and compare the major financial reports.

 

Class Title

Lecture Hours

Lab Hours

Practicum Hours

Instructional Hours

Microsoft Office & Windows 10

60

30

 

90

Bookkeeping Fundamentals

30

20

 

50

Applied taxing

30

20

 

50

Taxation

30

30

 

60

Tax Preparer

45

30

 

75

Externship

 

 

45

45

Total

195

130

45

370

 

The overall job outlook for Tax Preparer careers has been positive since 2004. Vacancies for this career have increased by 20.42 percent nationwide in that time, with an average growth of 1.28 percent per year. Demand for Tax Preparers is expected to go up, with an expected 25,340 new jobs filled by 2029. This represents an annual increase of 4.50 percent over the next few years.

Taxation is a system where individuals and businesses pay money to the government to fund its operations and services. The financial fuel keeps public infrastructure running, from schools and hospitals to roads and defense systems.

A tax preparer assists taxpayers in preparing and filing their income tax returns. Tax preparers help individuals, businesses, and organizations navigate the complex process of reporting their financial information to the Internal Revenue Service (IRS) or relevant state tax authorities. Their responsibilities encompass gathering financial data, calculating tax liabilities, deductions, and credits, and ensuring that tax returns are accurately and timely submitted.

Tax preparers work closely with clients to understand their financial situation, identify potential deductions and credits, and accurately complete the required tax forms. They leverage their knowledge of tax laws, regulations, and evolving tax codes to help clients optimize their tax situations while ensuring compliance with the law. Depending on their qualifications, tax preparers can range from self-employed individuals offering tax services to certified professionals who have undergone specialized training and obtained relevant certifications. While tax preparers do not conduct audits or enforcement activities like revenue agents do, their expertise is instrumental in helping taxpayers fulfill their tax obligations and navigate the complexities of the tax system.

The estimated total pay for a Tax Preparer is $50,122 per year in the California area, with an average salary of $47,513 per year. The estimated additional pay is $2,609 per year. Additional pay could include cash bonus, commission, tips, and profit sharing.

Becoming a tax preparer is a straightforward process involving a few basic requirements. These include:

  1. Know-how. For most new tax preparers, learning the ins and outs of the business means acquiring an entirely new professional language. In some cases, this know-how comes in the form of certification. But finding a platform that can boost know-how and assist you with knowledge gaps is critical to success.
  2. Technology. As is the case with most professions, having access to the right technology will help you work efficiently and contributes to the general success of your new business. Most tax professional software assists with both know-how and the tools to accomplish the work itself.
  3. Clients. This might seem obvious, but you need to attract tax clients to succeed and become profitable. Many preparers start on a small scale – doing individual returns – before moving on to bigger and more complicated matters.
  4. Preparer Tax Identification Number. If you want to be paid for preparing tax returns, the first step is applying for – and being issued – a preparer tax identification number (PTIN).
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