To prepare students to prepare and file federal tax returns for individuals and small businesses and provide the skills necessary to accurately complete common tax forms and schedules according to all applicable tax codes and requirements.
Upon completion of the program, students should be able to...
In this course, you’ll develop the foundational skills to help you gain success in the program. You’ll learn how you can improve your study skills, so you’re able to use a number of tools that will help you to enter the professional world.
To successfully prepare and file federal tax returns, you must understand how to evaluate your business idea and set yourself apart from the competition. Through applying your knowledge of the career opportunities available with this training, you’ll use the basics of determining taxable and nontaxable income from common sources and calculating income related to retirement contributions, distributions, rollovers, and more.
While working in tax preparation, you’ll handle income deals with the monies earned from the sale or rental of real estate and monies earned as royalties on intellectual properties. You’ll also encounter tax deductions and need to itemize them, itemize a return, and understand deductions’ connections to different types of losses. This knowledge will also come in handy when you handle certain business expenses, such as travel and entertainment.
If you operate a sole proprietorship or you’re self-employed, there are certain tax rules and allowances to keep in mind. Understanding medical and retirement plans, depreciation of business assets, and office expenses is key to success, as is completing a typical tax return before filing. You’ll also study how to identify and apply tax credits as well as review the IRS audit process.
Licensing and/or certification requirements for jobs in this field are not the same in every state and may include educational, testing, and/or experiential requirements beyond those offered in the Penn Foster Program. Prospective students should contact the state professional licensing board or similar regulatory body in the state(s) where they plan to work to determine their requirements before enrolling in this Program. This is especially important for students who reside in California and Oregon. Click here for contact information for state licensing/regulatory boards and certain industry licensing information.
Penn Foster College has been nationally accredited for over 40 years, and has met the high standards of integrity and performance set by the Distance Education Accrediting Commission (DEAC) in Washington, D.C. Penn Foster College has been thoroughly reviewed and has earned several important accreditations and licensing. We also participate in the National Council for State Authorization Reciprocity Agreements.
While you can study independently, you’re not alone! With a dedicated Student Services department, the Student Community, and instructors just a call away, you’ll have access to the support you need.
Our customizable goal-setting tools will help you create a schedule and stick to it. Need some extra time to complete a lesson? Not a problem — you can adjust your study plan at any time to set a pace that works for you.
Looking to connect with other Penn Foster students? Our Student Community is the perfect place for you to interact with your peers — as well as Penn Foster faculty and staff — to discuss your online learning experience, congratulate fellow students, and share your Penn Foster experience.