Sunday, October 21, 2012

National Tax Training School {Schoolhouse Review Crew}

Did you know: way back in the "dark ages," before I married my first husband, I earned, basically the equivalent of an associate's degree (at least) in Accounting? Then a few years later, a couple years or so before my oldest was born in fact, I took a tax preparation course. Well, my oldest is 21 now, so you do the math! ;-)

You can see, then, that I've had at least a mild interest in bookkeeping, accounting, tax preparation for a (large) number of years now. I did most of the tax preparation when my first husband and I were married, and all of the finances/tax prep when I was married to my second husband. Current husband? Nope; he does the tax prep....

Well, I was recently given the opportunity to take the Federal Income Tax Course, from the National Tax Training School, although this time around, I was really hoping either Tim or Jen would be interested in attempting. I guess I was really hoping Jen would, so she could perhaps attempt to find a part time job at least, doing some tax preparation work this coming tax season. 

Since she wasn't that interested, I am working my way through the course myself. Maybe I'll be able to do some part time tax preparation work this coming tax season! It'd certainly be nice to be able to contribute in a tangible way to our household income, anyway!

The first package arrived, containing "just" the large 3-inch 3-ring binder, full of the lessons, self-scoring practice tests, examinations to be mailed in, along with envelopes in which to mail them.

Later, another package arrived, containing the rest of the material: Federal Tax Handbook; Building, Marketing, and Operating a Profitable Tax Practice; IRS Federal Ethics; Practical Case Studies; and a Guide to State Personal Income Taxes. These items are usually sent after completing Lesson 17, but I received mine early, so I'd be able to see them, share with you a bit about them.

Yes, we are talking a very thorough, comprehensive course! After successfully completing their Federal Income Tax Course you will also be ready to take the required IRS Registered Tax Preparer (RTRP) exam.

You will also be given full access to their online, annual Tax Change Bulletins. This privilege will be in effect for up to four years after your graduation (depending on which option you enrolled under).

This is home-study course allows you to go at your own pace. It can be completed in as little as 8-10 weeks; or if you need longer, you have up to a year to complete it. I have been hoping to complete it by the end of December, or even in to mid-January; we'll see! I'm pleased with the excellent grades I've received on the exams so far, and my kids are pretty impressed, too! ;-)

Some of the main topics covered in the course:
  • Accounting Methods
  • Filing Requirements and Electronic Filing
  • Business and Non-business Income and Deductions
  • Itemized Deductions and Tax Computation Methods
  • Medical Expenses and Charitable Contributions
  • Personal Exemptions and Taxpayers' Filing Status
  • Gross Income Exclusions And Inclusions
  • Gains or Losses on the Sale or Exchange of Property
  • Capital Gains and Losses
  • Business and Casualty Losses
  • Tax Consequences of the Sale of Taxpayers' Residence
  • Self-Employment Tax
  • Tax Credits (EIC, Business, Child Credit, Education etc.)
  • IRAs and Self Employed Pension Plans
  • Depreciation and Depletion
  • Income Tax Withholding
  • Payroll Taxes (FICA & FUTA)
  • Estimated Tax
  • Sale of Taxpayer's Residence
National Tax is also launching an online version. We were given access to this near the end of our review period, so I haven't been able to utilize it enough to say any more than: it's there. At this time, not all 20 lessons are available, but it looks like by the end of October they will be. This will save in the cost of postage to mail in those paper exams! I like that idea!

If you want to have a better understanding of filling out your own tax forms, or even wish to have a small home business of your own, to bring in a bit more money, check out the Federal Income Tax course through NTTS. Or you may even wish to go on to take the Higher Course in Federal Taxation.

Cost: Federal Income Tax Course with 4 full years of post-graduate support is $795.00; with 2 full years of post-graduate support is $495.00. *There are also payment plans for each.*

Contact Information:
67 Ramapo Valley Rd. Suite 102
Mahwah, NJ 07430 
Phone: 800-914-8138

Be sure to stop by and check out what other members of the Crew have to say about National Tax Training School.

Disclaimer: As a Schoolhouse Review Crew blogger, I am provided a free copy of the book, curriculum or product to test and use in order to write an honest review. I receive no other compensation and the opinions I share are my own and not influenced by the company in question.

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