Top 10 Free Courses in Tax Preparation in 2022

Filed in Online Courses by on 4th May 2022

Tax preparation is one of the leading courses in the world currently. Are you interested in making Tax preparation a career or expanding your knowledge in tax preparation?

This article contains what tax preparation is and ten 10 free online courses with certificates. Tax preparation is a high-paying course and organizations are looking to employ those that studied tax preparation.

A profession as a tax preparer features stability, flexibility, and high earning potential.

There are several reasons to consider becoming a tax preparer, especially if you’re proficient in math, you exhibit organization and attention to detail, and you enjoy working with clients and helping them save money.

This article provides you with the reasons why you should study tax preparation, the different types of tax preparation, and free courses that will help you achieve this.

If you are excited about this, then enroll in one of the courses in tax preparation in this article and start learning.

Top 10 Free Courses in Tax Preparation

What Is Tax Preparation?

Preparation refers to the process of preparation of tax returns by an individual or an organization. The development of tax could be in regards as applicable to an organization such as income tax, customs duty, excise duty, etc.

Tax Preparation is a very cumbersome and elaborate process. It requires careful perusal of the financial activities of an organization for a specific period and compilation of all bills and relevant documents for computation of tax.

Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation.

Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services.

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Top 10 Free Courses in Tax Preparation in 2022

Here are the top 10 courses in tax preparation that you can take this year and set yourself up for an awesome career as a tax preparer;

1. Taxation of Business Entities I: Corporations

This course covers the federal income taxation of corporations and their stockholders in the United States.

The course focuses on the provisions of Subchapter C of the Internal Revenue Code that govern the corporate formation, operations, distributions, and liquidation, as well as related Treasury Regulations and court opinions.

Self-discovery of technical tax knowledge, as well as the development of a variety of professional skills and attitudes, are facilitated through practical in-class study tasks.

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2. Taxation of Business Entities II: Pass-Through Entities

This course introduces the U.S. federal income taxation of pass-through business entities, including Subchapter S corporations, partnerships, and limited liability companies.

The course focuses on the relevant provisions of Subchapters S and K of the Internal Revenue Code, as well as related Treasury Regulations and judicial opinions, governing the formation, operation, and termination of pass-through entities.

Practical in-class study problems facilitate self-discovery of technical tax knowledge along with the development of a variety of professional skills and attitudes.

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3. FINANCIAL ACCOUNTING, ADVANCED TOPIC

In this course, you will explore advanced topics in financial accounting. And start your journey with accounting for assets with more than one year of life. This course will teach you the details of how firms account for fixed assets.

Also, make you know an in-depth exploration of shareholders’ equity. Finally, you will critically evaluate the preparation, components, and analysis of the cash flow statement.

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

• Account for fixed assets

• Get to know how to do accounting for liabilities

• Evaluate the shareholders’ equity section of a balance sheet

• Know preparation and information provided by cash flows statement This course is part of the MBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price.

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4. Federal Taxation 11. Property Transactions of Business Owners and Shareholders.

This course examines the U.S. federal tax system as it relates to property transactions of business owners and shareholders. Topics include cost recovery, such as depreciation, amortization, and depletion; calculation of realized versus recognized gains and losses; evaluation of the potential tax effects of non-taxable exchanges; and the combining, or netting, gains and losses that are different in nature.

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Assignments facilitate self-discovery of knowledge and the development of a variety of professional skills.

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5. Multistate Taxation

This course will examine state and local tax laws prevalent in the United States today. And consider the historical progression of state and local taxation, the power of states to tax (and the limitations on that power).

And planning strategies for minimizing the impact of state and local taxation. Discussions will focus on income taxes, sales taxes, and property taxes.

If you enjoy this course, consider enrolling in our online graduate Accounting program. The University of Illinois at Urbana-Champaign is consistently ranked as one of the nation’s top three accounting programs. Now offers a master’s in accounting at a very affordable tuition rate and is completely online.

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6. Rethinking International Tax Law

In recent years, the international tax planning strategies of multinationals have become a source of – often heated – debate. This course provides learners with the tools to become fully informed participants in the debate by explaining the foundations and practice of international tax law as well as addressing current developments and the ethical aspects of tax planning.

Skills you will learn:

  • Tax Planning
  • International Taxation
  • Transfer Pricing
  • Base Erosion and Profit Shifting (BEPS)

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7. Carbon Taxation

Recent years have seen renewed and growing interest in policy instruments that put a price on greenhouse gas (GHG) emissions through the adoption of carbon taxes.

About half of the Nationally Determined Contributions (NDCs) submitted by governments under the Paris Agreement mention carbon pricing as a cost-effective tool to meet climate targets.

As pricing schemes multiply, they become increasingly varied. Today, carbon taxes cover a broad range of sectors and include novel features, demonstrating their ability to adapt to varying policy goals and national contexts.

The versatility of carbon taxes also means that policy makers need a clear picture of the available options and how those options fit with the jurisdiction’s context and objectives.

This online course provides a first step in understanding the carbon tax landscape.

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7. U.S Federal Taxation Capstone

The Capstone is the culminating project in the US Federal Tax Specialization.

 You will have the opportunity to combine the concepts and techniques obtained through all the courses in this specialization (Federal

Taxation I: Individuals, Employees, and Sole Proprietors, Federal Taxation II: Property Transactions of Business Owners and Shareholders, Taxation of Business Entities I: Corporations, and Taxation of Business Entities II: Pass-Through Entities) and apply them to a real-world tax project.

 The Capstone project will be 3 weeks long. You must take the Capstone project class after taking all the other courses in this Specialization.

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8. Business Data Management and Communication Specialization

In a world driven by big data, it is crucial to understand how valuable information can be extracted from large volumes of data. Further, it is pivotal to utilize information to its full potential. This not only requires one to extract value from data but also to effectively communicate the information obtained.

The Business Data Management and Communication Specialization is tailored to deliver a well-balanced curriculum that focuses on all three aspects – Understanding Data, Extracting Valuable Information, and Effective Communication.

The courses in this Specialization will focus on advanced accounting, working with big data, communicating data, and information analysis. 

Topics covered include:

  • Understand the basics of how to analyze balance sheets and cash flow statements
  • Understand how accrual accounting and fundamental accounting concepts work
  • Learn how to collect, analyze, and visualize data and use the same in decision-making processes
  • Learn how to use R to communicate data analytics results
  • Explore various ways that information can generate economic value
  • Understand how crucial information is and learn how to gauge the potential of valuable information.
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9. Introduction to Cooperate Finance

This course provides a brief introduction to the fundamentals of finance, emphasizing their application to a wide variety of real-world situations spanning personal finance, corporate decision-making, and financial intermediation.

 Key concepts and applications include the time value of money, the risk-return tradeoff, cost of capital, interest rates, retirement savings, mortgage financing, auto leasing, capital budgeting, asset valuation, discounted cash flow (DCF) analysis, net present value, internal rate of return, hurdle rate, payback period.

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10. Assets in Accounting

In this second course, you will dive deeper into the world of bookkeeping and focus on accounting for assets. If you are familiar with bookkeeping basics, such as double-entry accounting, you are ready for this course. Also, an understanding of common asset types, learning how to account for inventory, calculate the cost of goods sold, and work with Property, Plant, and Equipment (PP&E).

Upon completing this course, you will use your new knowledge of assets to record transactions and produce financial statements for increasingly complex business situations.

By the end of this course, you will be able to: -Summarize the common types of assets a business may have

 -Describe the importance of control over inventory

-Outline how depreciation expense is reported on an income statement

-Illustrate how transactions can be recorded in terms of the resulting change in the elements of the accounting equation.

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Why Become a Tax Preparer?

1. Gainful Employment

Money may or may not make the world go ’round, but it certainly can keep us comfortable, ensuring a roof over our heads and food on the table. Tax preparation can provide you with gainful employment for the rest of your life.

People are always going to need help with their taxes. Most of us simply don’t have the time, energy, or inclination to learn how to prepare our own income tax returns, especially since tax codes change frequently.

For this reason, reputable and reliable tax preparers are always in high demand. Naturally, you’re bound to be much busier at certain times of the year, such as when annual income tax returns are due in April, but you can also find ways to sustain your workload throughout the year by working for businesses, keeping books and filing quarterly estimated taxes, for example.

2.  Job Security

If the recent recession taught us nothing else, we learned the value of a stable profession. Not every job can offer security, but tax preparation is something nearly everyone needs help with at some point, which means tax prep professionals will always be in high demand.

Taxes are confusing, and most people have better things to do with their time than learn the ins and outs. They’re happy to leave it to professionals like you, especially since you have the knowledge to help them find ways to reduce what they owe and even get money back in some cases.

3. Flexible Work Options

This is one major boon associated with becoming a tax preparer. You have so many options when it comes to your schedule. For example, you could end up working full time for a tax prep company, or alternately, simply working for yourself from home.

You could take on clients just during the busiest tax season, or maintain business contracts year-round, and you have the option to decide how many clients you want to serve. You could work full-time, part-time, seasonally, or supplement another profession.

Tax preparers often enjoy the ability to manage their own schedules. Whether you prefer working days, evenings, or weekends, you can set appointments with clients on a schedule that works for you, allowing you to accommodate other work, schooling, or familial obligations, just for example. How many other high-paying jobs can you say that about?

4. You Can Learn Remotely

Earning your certificate in tax preparation is as easy as taking online tax courses through a licensed and accredited tax school that offers clear and comprehensive course work, as well as skilled instructors and support staff. This is an ideal learning environment that gives you a measure of control over your learning schedule and allows you to avoid a costly and time-consuming commute.

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If you’re already tied to another job, you’re raising a family, or you’re simply looking for a convenient and flexible educational opportunity, the option to study and earn your certificate in tax preparation from home or on the go is an attractive proposition.

5. Earn a Certificate Quickly and Get to Work

When you take online tax preparer courses, you could earn your certificate in as little as 8-10 weeks, depending on how committed you are to the process. This means you could get to work and begin earning a living and building your professional reputation in just a couple of months.

You don’t need any previous experience to begin online tax courses, although many people working as bookkeepers, accountants, and lawyers are keen to earn tax prep certification. All you must do is sign up, complete your coursework, and earn your certificate in a few short weeks.

6. Lifelong Knowledge and Skills

You might find that you really enjoy tax preparation and make it your lifelong profession. Or you might see it as a steppingstone in your career trajectory. You may do it for a while and move on to other pursuits.

However, the knowledge and skills you develop will stick with you for the rest of your life. You might only use them when properly preparing your own tax filings or helping family members and friends, or they may serve you well in all of your professional pursuits. Many businesses see this type of knowledge and experience as a major bonus and it could give you the edge when applying for future positions, even those unrelated to tax preparation. Basic Accounting and tax preparation skills are something everyone should have, but few people bother to learn, which will make you an asset to any employer.

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Conclusion

In conclusion, This article has provided you with what tax preparation is and why you should study tax preparation. Tax preparation is a good course and you should enroll in any of the above courses to get started.

Many students enter adulthood without the slightest clue of what they want to do with their professional lives. Some harbor dreams of grandeur while others prefer fortune to fame. However, a more practical approach to planning one’s career can ensure much greater job satisfaction. This article has all you need to get started.

FAQS

Why do you want to work in tax?

A career in tax has an enormous amount to offer individuals, including variety, intellectual stimulation, and plenty of responsibility. If you enjoy working with people, the challenge of problem solving and an ever-changing, dynamic working environment then a career in tax is for you.

Is tax a good career?


Taxation is an excellent career for the academically-minded. It requires a high level of attention to detail, good English and math skills, and the ability to communicate. Although many people assume that it is a math job, actually the vast majority of work is law-based.

What skills do you need to be a tax preparer?

Excellent verbal and written communication skills.
Excellent interpersonal and customer service skills.
Ability to understand and apply tax laws and changes in the preparation process.
Excellent organizational skills and attention to detail.
Accurate math and accounting skills.

Is taxation hard to study?

One of the reasons why taxation is challenging to study is having comprehensive and complicated problems and solutions. Don’t solve multiple-choice problems but be patient in solving extensive issues. Solving extensive matters will help you to apply what you have learned.

References

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