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MIND YOUR ASSETS TAX SCHOOL (ERO'S) - 2025
COURSE INTRODUCTION
Welcome to Mind Your Assets Tax School!
Course Overview & Objectives
Course Disclaimer
Important Documents Needed Before Class Begins!
MODULE 1.1 - BECOMING A REGISTERED TAX PREPARER WITH THE IRS
The Role of a Tax Professional
The Benefits of Becoming a Tax Professional
How to Become a Tax Preparer
Completing a Tax Course (8:20)
Obtain Your PTIN (Preparer Tax ID Number)
Due Diligence Training Module (IRS website) (2:15)
Module 1.1 - Practice Quiz
MODULE 1.2 - BECOMING AN ERO (ELECTRONIC RETURN ORIGINATOR)
Starting Up Your Tax Business From Scratch
The Role of an ERO (Electronic Return Originator)
How to Become an ERO & Get Your EFIN (Electronic Filing ID Number)
How to Maintain, Monitor, & Protect Your EFIN
WISP Plan
E&O (Errors & Omissions) Insurance
Cyber Security
Professional Tax Software
Module 1.2 Practice Quiz
MODULE 2 - CUSTOMER SERVICE & ETHICAL OBLIGATIONS OF A PREPARER
Customer Service in the Tax industry (8:23)
Circular 230 - Professional Responsibility and Ethical Obligations of a Tax Preparer (3:25)
Who Can Practice Before the IRS? (11:41)
Due Diligence & Record Keeping (13:56)
The Interview Process & Client Intake Form
Understanding Tax Laws & Regulations
Important Tax Dates & Deadlines
Module 2 - Practice Quiz
MODULE 3 - INTRODUCTION TO TAX PREPARATION
Introduction to the income tax return
Filing Statuses
Dependents - Qualifying Child vs Qualifying Relative
Who Must File a Tax Return?
Finding Tax Forms & Publications
Overview on Paper and Electronic Filing Methods
Module 3 - Practice Quiz
MODULE 4 - INDIVIDUAL TAX RETURNS (THE 1040 FORM)
Federal Individual Income Taxes
The Different Types of Taxes
Form 1040
Tax Schedules that attach to Form 1040 (30:03)
Standard Deduction vs Itemized Deductions
Tax Credits vs. Deductions
Amending a Tax Return
Module 4 - Practice Quiz
MODULE 5 - TYPES OF INCOME & COMMON TAX FORMS
The W-2 Form (Wage and Tax Statement)
1099 Forms (All Forms) (17:12)
The W-4 Form (Employee's Withholding Certificate)
1098 Forms (All Forms) (6:07)
The W-7 Form (Application for IRS ITIN's)
Module 5 - Practice Quiz
MODULE 6 - SMALL BUSINESS TAX RETURNS (THE SCHEDULE C)
Types of Business Entities for Tax Purposes
Self-Employment Taxes
Small Business Tax Returns (Schedule C)
Beneficial Ownership Information Reporting for Small Businesses
Module 6 - Practice Quiz
MODULE 7 - TAX LAW CHANGES & UPDATES
Overview of Tax Law Changes
2024 Tax Law Changes (current tax year)
Module 7 Practice Quiz
MODULE 8 - MARKETING YOUR TAX BUSINESS
Building Clients and Developing Your Practice
Marketing & Resources
Tax Flyer Templates
PRACTICE RETURNS (1-5)
Practice Return Overview
Practice Return 1
Practice Return 2
Practice Return 3
Practice Return 4
Practice Return 5
PRACTICE RETURNS (6-10)
Practice Return 6
Practice Return 7
Practice Return 8
Practice Return 9
Practice Return 10
COURSE WRAP-UP
Final Exam
Next Steps - Continuing Education & AFSP Completion
Course Summary & Wrap-Up
2024 Tax Law Changes (current tax year)
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