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US Tax (Lecture 01)

This document provides an overview of a course on US tax preparation. The course covers topics like types of taxes, business structures, tax forms, deductions, tax software, and benefits of becoming a tax preparer. Students will learn tax laws and regulations and gain skills in tax preparation and working with clients.

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danial.siddiqui2622
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35 views

US Tax (Lecture 01)

This document provides an overview of a course on US tax preparation. The course covers topics like types of taxes, business structures, tax forms, deductions, tax software, and benefits of becoming a tax preparer. Students will learn tax laws and regulations and gain skills in tax preparation and working with clients.

Uploaded by

danial.siddiqui2622
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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US Tax Preparation Course

BY SIR MUSTAFA AHMED MIRCHAWALA AND SIR AMIN-UL-HAQ


Course Overview:

This course will provide an overview of the US taxation system and tax
return preparation, including different types of taxes and the various
forms that individuals and businesses need to file and that are commonly
used for legal compliances.

Students will learn about the principles and concepts that underpin the
US tax system and will gain an understanding of how to navigate tax
regulations and preparation of US tax return/forms over defined
software
Course Outline:

► Introduction & overview of US Taxation.


► Types of taxes (income tax, payroll tax, sales tax, etc.).
► Types of businesses (sole proprietorship, partnership, corporation, etc.).
► Business Formation & Documents.
► Filing status (single, married filing jointly, etc.).
► Types of income as per tax. (Active income vs. Passive income).
► Types of income as per tax. (Taxable income vs. non-taxable income).
Course Outline:

► Concept of Pass-through entities.


► Tax brackets and rates.
► Individual Tax filing. (1040 Preparation)
► Forms and schedules (Form 1040, Schedule A, etc.).
► Taxable income sources (wages, interest, capital gains, etc.).
► Credits and deductions for individuals. (In detail)
Course Outline:

► Employment taxes (W-2, Social Security, Medicare, 1099 etc.).


► Tax Planning.
► Tax compliance (filing deadlines, penalties for non-compliance, etc.).
► Tax software and tools (Pro-Connect, Drake, Tax slayer, Lacerte, ATX, etc.
► Taxation of Investments. (Schedule D)
Course Outline:

► Taxation of stocks, bonds, and mutual funds.


► Capital gains and losses.
► Taxation of retirement accounts (IRAs, 401(k)s, etc.).
► Tax Interviews with clients and self
Learning Outcome:

► Understanding of US tax laws and regulations.


► Proficiency in tax preparation software.
► Knowledge of record-keeping and documentation.
► Effective communication and customer service skills.
► Knowledge of ethical considerations and professional standards.
► Critical thinking and problem-solving skills.
► Ability to stay current with changes in tax laws and regulations.
Benefits of Becoming a US Tax Preparer:

The US tax market is significant and consistently growing due to a high demand for
tax preparation services. The US tax preparation industry generates billions of dollars
a year and is expected to continue growing.

Additionally, there is a growing trend of outsourcing tax preparation work to


countries like India, Philippines, and others that have a skilled and reasonably priced
labour force. This trend is creating opportunities for those in countries like Pakistan
who are qualified enough to provide tax preparation services.
Benefits of Becoming a US Tax Preparer:

Working as a tax preparer can offer several benefits, including:

► Valuable experience in tax preparation, tax law, and client service.


► Opportunity to meet and work with a variety of clients, including individuals,
small businesses, and corporations.
► Help you develop skills in data analysis, attention to detail, and problem-solving,
which are all valuable skills in the accounting profession.
Benefits of Becoming a US Tax Preparer:

► Some US-based firms may be willing to hire remote workers from other
countries, including Pakistan, to prepare tax returns for their clients.
► As a freelance tax preparer, you could offer your services to US clients who live
in Pakistan or who have business interests in the country.
► Some US companies with operations in Pakistan may require tax preparation
services for their local employees or business operations.

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