Online income tax courses offer interested
students opportunities to train at home in the increasingly complex
field of personal and business finances. These courses generally require
less than a year to complete, some in as little as ten weeks, and
result in a certificate. Although there are no federally mandated exams
for employment as a tax preparer currently, the Internal Revenue Service
plans to implement standardized competency testing in the future.
Students can study income tax in
financial planning
or tax preparation programs, which are commonly offered online through
certificate programs. Income tax students spend a significant amount of
time learning about state and federal tax codes as they apply to
personal, business and international taxation. This type of coursework
requires tax code memorization and basic math skills. Some schools award
students with a Certificate of Achievement, while other programs
prepare them to take the voluntary Certified Financial Planner exam.
Requirements for Online Courses
Students must have basic personal computer skills and access to the
Internet. A high-speed Internet connection is preferred, and an e-mail
account is necessary. Students should be familiar with using e-mail, Web
browsers and word-processing programs. Online participants are assigned
an online school account and are expected to retrieve and send
documents through the school's website. Some online income tax courses
require students to possess a specific financial calculator.
Introductory Tax Planning Course
This course provides students with a comprehensive overview of the
core income tax planning process. The class explores methods for
gathering, processing and analyzing essential financial data to develop a
personal financial plan. Students also learn the importance of
monitoring and periodically reviewing the plan.
State and Federal Taxation Course
In this tax-planning course, students learn the nuts and bolts of
state and federal taxation as they relate to personal, business and
international income. Students explore the various tax-related
ramifications of investments, annuities and sales of property and
advantages of charitable giving. They discuss the responsibilities of
self-employment and estimating taxes.
Investing and Taxes Course
To help clients maintain a financially sound investment portfolio,
students explore the income tax issues related to investing in the
capital market. The course looks into the possible risks and returns of
stocks, bonds, options, futures and the tax liabilities they can incur.
Risk Management Course
This online course investigates the numerous facets of life,
disability and medical insurance and how they are used in financial
planning. Other topics related to income tax planning include auto,
health and homeowner's insurance.
Retirement and Benefit Planning Course
Online participants discover how to plan, execute and monitor
personal and business-subsidized retirement plans, such as qualified and
nonqualified retirement plans, individual retirement accounts and
government plans. Employee benefits, such as Social Security, Medicare
and health insurance, are also covered.
Estate Planning Course
Reducing the federal and state taxation liabilities on transfers of
wealth is central to this online course. The course also covers gifts,
bequests, and non-tax related issues, such as powers of attorney, wills,
trusts and probate procedures.
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