income tax 101, income taxes definition, basics, and best practices. filing your personal or professional income taxes in the us can be an overwhelming task. we can make filing this year’s taxes a bit easier for you by explaining basic taxation concepts and terminology—and providing valuable tips to save money when it comes to tax planning. in this course, we cover concepts such as taxable income, tax brackets, average and marginal tax rates, tax withholding, deductions, and credits, and explain the motivation behind federal tax deductions such as mortgages, dependents, and charitable giving. we review the steps involved in filing a personal income tax return, explain the benefits of legitimate (legal) tax planning, and address some of the special issues that corporations and small businesses face in filing returns.
note: the information in this course applies only to the united states.
course topics include: comparing different types of taxes, tax brackets and tax rates, income, deductions, and credits, tax loopholes, and tax policy, completing form 1040, filing taxes online, tax planning, corporate income taxes, common tax issues for small businesses, and small business taxes.