| What
is The Tax College's Income Tax Course? |
| The Tax College’s income
tax course will teach you how to prepare individual
income tax returns, from the fundamentals to more
advanced tax topics. Our income tax course will get your
tax preparation business started - even if you have little
or no prior tax preparation experience. Once you purchase the 1040 ValuePak tax software
we offer
one-on-one assistance and professional tax software
training to help you learn everything you need to know
to start a tax preparation business and prepare taxes
professionally. If you'd prefer to learn at your own
pace, on your own time from the convenience of your home
or office, our income tax course is for you. |
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| How
much does the income tax course cost? |
| The Tax College’s income
tax course is absolutely FREE! There is never any charge
for tuition, books, supplies, or materials. If you purchase the 1040 ValuePak tax software
you'll also receive an instructor to communicate with
via toll-free telephone and e-mail. |
|
| Am
I required to buy your software to take this course? |
| No. Our online course is absolutely
free. No purchase is necessary. |
|
| If
I decide to buy your tax software, how much does it
cost? |
|
|
|
| How
long will it take to complete the income tax course? |
| The income tax course
consists of 30) daily information packed lessons. Each lesson
usually takes 30-60 minutes to complete. Homework
assignments are optional, but highly recommended. You’ll set your own
pace as this is a convenient home study course. There is
no time frame or deadline by which you must complete the
lessons. You are free to progress at whatever speed you
find most suitable. If you complete one lesson per day
you can open your tax preparation business in 30 days or
less! |
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| When
can I enroll? |
| You can enroll in our
income tax course between June 1st and December 31st of
each year. If you purchase the 1040 ValuePak tax software
this is a mentored
income tax course taught by tax professionals with real world
experience as tax preparers, who deal with individual
and small business taxpayers preparing their tax returns
on a daily basis. Consequently, we are busy between January 1st
and April 15th of each year. Therefore, toll free
telephone and email support will be unavailable after
December 31st. |
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| Will
this income tax course teach me how to open my own tax
preparation business? |
| Absolutely! Now you can
start a tax preparation business in your home or office
with our practical, in-depth, career-level income tax
course designed to help you enter the tax preparation
field. With our training and your skills you’ll have
what it takes to start your own tax preparation
business. Our home study income tax course will teach
you everything you need to know to become a tax
professional. |
|
| What
do I need to do to efile tax returns? |
| Fill out IRS Form 8633 and
return it to the IRS. To download IRS Form 8633 you'll
need Adobe Acrobat Reader. IRS Form 8633 can be found at
the following Internet Address: http://www.irs.gov.
Click on the Tax Professionals button or type "Form
8633" into the search box at the upper right of the
IRS’s Home page.
You'll need to call the
IRS at 1-866-255-0654 to get your finger print card. The
IRS's finger print card is unique and you can only use
the one that they furnish. If you submit your
application without their finger print card it'll be
automatically rejected. But several weeks may elapse
before you receive your rejection letter in the mail. So
be sure to submit your application with the IRS's finger
print card.
Send Form(s) 8633 to the Andover
Service Center. See page 4 of Form 8633 for the daytime
and overnight mailing address. |
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| What
if I want to learn about a specific area of tax
preparation? |
| The course covers
individual tax preparation (Form 1040) and small
businesses (Schedule C) and gives you the
foundation needed to launch your own tax preparation
business and prepare tax returns professionally. If you
decide to become a tax professional using our tax
software you’ll receive ongoing tax education and
training including advanced classes on such topics as
preparing business tax returns and expanding your tax
preparation business. |
|
| Do
I need a high school or college diploma? |
| No, you do not have to
have a high school or college diploma to take our income
tax course. You probably already have what it takes to
establish a successful and thriving tax preparation
business – but
just don’t know how to do it. That’s what you’ll
learn in our income tax course. |
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| What
are the prerequisites for taking this income tax course? |
| You must be a United
States citizen or Resident Alien (Green Card holder) to
take our course. Knowledge of math is
not necessary as this income tax course is fully integrated with
our professional tax preparation software. Your computer
will do all of the "number crunching".
Experience or knowledge of tax preparation, bookkeeping
or accounting is not necessary. |
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| Who
teaches The Tax College’s income tax course? |
| Our income tax course is
written by tax professionals with over 25 years
experience. If you purchase the 1040 ValuePak tax software
this is a mentored income tax course taught
by tax professionals with real world experience as tax
preparers, who deal with individual and small business
taxpayers preparing their tax returns on a daily basis. |
|
| Must
I obtain an IRS or State license or approval to prepare tax returns? |
| Federal: The IRS
has plans to require licensing of all paid tax
preparers. The plan will be phased in over three (3)
years. The IRS has announced that for the 2011 filing
season you must apply for and obtain a Preparer Tax
Identification Number (PTIN), even if you already have
one. Call our Sales Department for further details.
State: If you
reside in the states of California, New York, or Oregon you are
required to obtain a state license which will require a
separate course. New Jersey and Maryland may require
licensing soon. Other states may require licensing so be
sure to check with your state. |
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| What
is the scope of your income tax course? |
| Our income tax course is
designed to train you in federal income tax law,
regulations, and procedures so that upon completion you’ll
have the knowledge and skill to prepare individual tax returns
professionally. |
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| What
type of taxpayers can I expect to serve initially? |
| Most new tax preparers
initially prepare income tax returns for low income and
middle class salaried individuals who have few if any,
investments, no outside income, and few deductions.
These are the simple, routine type of tax returns that
provide the bulk of the business for most new tax return
preparers and the large national tax preparation
franchise companies.
After you’ve been in
the business a while you’ll probably begin to serve
taxpayers with higher incomes and their sources of
income will be varied. Some are likely to invest in
stocks and bonds, and they usually own their own home.
They may also own rental property or have other real
estate investments. They’ll have more tax deductions,
too.
There are also
self-employed business-persons, professionals, and
farmers who, in addition to their personal tax returns, are
required to file various business tax forms. |
|
| Will
this income tax course teach me how to prepare returns
for people that are self-employed? |
| Yes. There is a lesson in
the income tax course that covers self-employment income
and expenses. |
|
| Will
this income tax course teach me how to prepare 1120
Corporation returns and other business returns? |
| This course covers
individual tax return preparation (Form 1040, including
Schedule C) and gives you the foundation needed to
launch your own tax preparation business and prepare
individual tax
returns professionally. It does not cover
corporation, partnership, fiduciary, estate, gift, or
non-profit tax
returns. |
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| Won't
my training become obsolete as tax laws change? |
| Not at all. If you become
a user of our 1040 ValuePak professional tax software
you’ll be updated regularly on any federal tax law changes. |
|
| Is
your income tax course approved by the IRS? |
| The IRS does not approve
or accredit any course to train tax preparers. |
|
| Is
your income tax course something that I can study at
home on my own? |
| Yes, you’ll study our
income tax course in the comfort and privacy of your own
home or office, at your convenience. You won’t be tied
to a rigid time frame and you won’t spend extra time
and money traveling to and from classes. After
successfully completing our income tax course you will be qualified
to prepare individual income tax returns for the general
public. |
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| Does
your income tax course qualify for Continuing
Professional Education (CPE), CTEC, or OR-LTC credit? |
| No. |
|
| What
makes your income tax course different from your
competitors? |
| Our income tax course is
written by tax professionals with real world experience as tax
preparers, who deal with individual and small business
taxpayers preparing their tax returns on a daily basis.
Because ours is the only
income tax course that is fully integrated with a
professional tax software program, even if you flunk our
course you can still prepare tax returns professionally
using the 1040 ValuePak’s Step-by-Step Interview,
which asks you simple questions. You won’t even need
to know which tax forms to use. 1040 ValuePak will
select the correct tax forms for you and place your
answers in the appropriate fields of the tax return.
1040 ValuePak completes the entire tax return for you!
With our Step-by-Step Interview, if you can turn on a
computer, you can be a professional tax preparer! |
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| What
is the actual response time to have questions answered
by the instructor? |
| Once you purchase the 1040 ValuePak tax software
we provide same day
service weekdays between June 1st and
December 31st for both calls to our toll free
number and e-mail. However, because this income tax course
is written by tax professionals who deal
with individual and small business taxpayers preparing
their tax returns on a daily basis, we are busy between
January 1st and April 15th of each
year. Therefore, toll free telephone and
email support will be
unavailable after December 31st. |
|
| Do
I have to take an exam before I get my Certificate of
Completion? |
| Yes. Each lesson has an
OPTIONAL Quiz. After completing Lesson 30 you'll take
the REQUIRED Final Exam and you'll need to attain a
passing grade of at least 70% prior to receiving your Certificate of Completion. |
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| Once
I complete the income tax course how will I receive my Certificate
of Completion? |
| Once you have successfully
completed the income tax course you will receive your Certificate of Completion by U.S. Mail.
Certificates are mailed on the last Monday of each
month. |
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| Do
all tax preparers take an income tax course in order to
work in the industry? |
| No. In fact most don’t.
But it’s a good idea to take an income tax course
prior to launching your tax preparation business and
preparing tax returns for the public so that you’ll
have a solid understanding of the tax laws and
regulations. |
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