Knowing what types of income are taxable on a tax return is crucial basic knowledge when preparing a tax return. Most of us are aware of the basic income items such as wages from a job, but sometimes those basic items can get a little more tricky. Items such as fringe benefits, miscellaneous compensation, accident plans and other items can be confusing.
This lesson is designed to teach the different types of basic income items that are required to be reported by a taxpayer. It will also assist in providing helpful information as to when income would be taxed and how it may be taxed.
This is a tax law fundamental course that all tax preparers should know extensively. Whether you are a first time tax preparer that needs to know the basic rules or a seasoned tax professional that needs a refresher, this course is for you.
IRS CE credit of 3 hours is provided with this course.