The Income Tax School

The Income Tax School


Taxpayer sold a four family flat that she has been renting since January 1, 2006. The cost basis that was used for depreciation was $137,753. During the fourteen years that taxpayer owned this real property she has had more than one offer by someone wanting to purchase it. Spring of 2019 she was offered $272,000.00 This time she accepted the offer and the long term gain on the property was $190,192.00 I am writing this primarily to have input on whether I have handled this income properly. Also to ask if there is any way to save the taxpayer any money on taxes. According to my calculation the taxpayer(age 79) owes federal government $31,814.00 for taxes. Total taxable income for 2019 is $203,312 The tax rate I am using is 15% Taxpayer has $13,981 for Income from an IRA and $16,162 of her social security was considered taxable.
My question concerns a Partnership. The partnership began 1/01/2018 and is operated on a part time basis by three partners The first year was very simple and they had a profit of $308.00. The Partnership markets socks over the internet. 2019 became a little more complicated. One of the partners dropped out of the partnership as of 12/31/2019. The partner who started the business presented the Partnership with a bill for reimbursement for $54000.00 The breakout is as follows: Tutition $44,395.77, Macintosh Desktop IMAC $2,436.94, costs for business use of his home $1,037.51 and the remainder is for miscellaneous office expenses, travel and business meetings. The partner gave me a document(27 pages I believe) giving the reason the tutition should be considered deductible for business expense. Thus far the most I have been able to find is the possiblity of amortizing this expense over a fifteen year period. Can someone point me to the tax law on a business situation such as this or give me some suggestions on how to handle. The tutition was paid for by the company where the young man works. I have been told that the amount they paid was included in his income on his W2 as taxable income They have not given me a copy of the 1098T or the W2 showing the income reported as tutition
Hi, I am a tax preparer in Houston, Texas and will like to know if your program also helps small tax practices like mine acquire and train interested people to start their own Individual Tax business. I am looking at expanding my tax business to about five locations this and I will be glad if your program offers such training. Thx.
The online courses are excellent!
I do recommend the income tax school
Does the live chat start automatically?
Muj taleem ni mila rhi ha plz muj taleema delao
Hi! I'm working with a company that provides tax advice for all 50 states and I'd like to take a course on state income taxes. Do you have a course or courses that cover income tax for all states that have income tax?
Just called for information about your school. I appreciate that the person I spoke to was transparent. I'm trying to decide between your course and Liberty Tax. I've heard nothing but good things about your school, but there's a small chance Liberty MAY hire me after I take the course - so I don't have to find clients right away. The representative I spoke to said that she understand that the possibility of a opportunity - in lieu of trying to find my clients, certainly has an appeal to it, and that it may be the best way to go. I appreciated her candor. I feel that I will definitely be taking be one of your classes in the future.
what courses do you have in Southern California
I do taxes in New York, does the classes, self training and employee training apply to my state laws or just California?. I want to take classes and also give classes to a few perspective people to do taxes.

The national standard for tax preparation training, providing e-learning to tax, accounting and financial services professionals. Find us on Twitter: @TaxSchool

The Income Tax School (ITS) is the national standard for tax preparation training and provides e-learning to tax, accounting and financial services professionals. ITS also publishes student textbooks and instructor guides for classroom instruction by firms that provide in-house tax preparation training, as well as colleges and career schools. ITS is certified as a private career school by the State Council of Higher Education for Virginia (SCHEV). The School currently offers more than 40 online income tax preparation training programs nationwide, ranging from 3-hour Continuing Professional Education (CPE) seminars to 30-80 hour courses, as well as the prestigious 180-hour ITS Chartered Tax Professional-CTP ® certificate program. In addition to tax preparation training, The Income Tax School also offers a Career Center, an Internship program, Retreats for tax business owners and Tax Practice Management manuals to help people get into the tax preparation industry and assist those who are already in the tax business. History ITS was originally developed in 1989 to meet the tax training needs of Peoples Income Tax, Inc. a tax preparation firm with multiple offices located in Richmond, Virginia. Charles McCabe, President and CEO of Peoples Income Tax, knew from past experience that it’s difficult to find qualified tax preparers on a seasonal basis. After working as Regional Director for a leading national firm for nearly 20 years, he knew training tax preparers in-house or “growing your own tax preparers” was the best solution. Starting in 1993 we made our tax school materials available to individuals as a way to learn taxes and to businesses as a way to train qualified tax preparers in-house. In 2001, ITS launched its online tax school and now teaches tax education to students nationwide and beyond. Many students are beginners who are learning taxes for the first time. However, we also have EAs, CPAs and CFPs that take our courses for Continuing Professional Education. Tax Business Owners Over the years the tax school materials have been refined and have been available for individuals and businesses since 1993 as a way to learn taxes and train qualified seasonal and year-round tax preparer in-house. Why send your employees and prospects to the competition when you can train them?

Mission: The Income Tax School is dedicated to providing useful information and resources to tax school students, tax professionals, tax business owners and tax school instructors to ensure their success.

12 strategies for thriving after the coronavirus

The way we run our businesses has changed forever. Here are 12 tips to help you get back on track when reopening. Gary Boomer, Allan Koltin and Gary Shamis share their top tips to help navigate the pandemic — and the uncertain period beyond it.

As the extended tax season comes to a close, you may be wondering what you can be doing as a tax firm owner. Here are 5 marketing things you can do to stay busy and improve business:

Effective Ways for Accounting Professionals to Respond to a Data Breach: Part 1

In a time where digital data is being transmitted across various platforms, data breaches are likely to occur without the proper cyber security processes. Our clients trust us with that information, so it's up to use to know how to manage and protect it. Read about precautions you should take and what to do if you've been hacked.

Tax Resources for Military Ahead of the July 15 Deadline

The tax deadline is next week. Here are some great resources to share with military clients. The IRS' Publication 3 is an Armed Forces Tax Guide filled with tips and information to help service members and their families take advantage of all tax

IRS Updates Retirement Plan Participant Rules

The #IRS has qualifications for the CARES Act retirement plan. CARES Act provisions for retirement plan participants have been expanded.

From recent grads to retirees, anyone and everyone can become a tax professional in as little as 10 weeks with our comprehensive tax course! Learn more and get started at

Friends & Family Ends Tonight!

Only Hours Left for Friends & Family Sale! Don't Miss Out!

How Your Clients Can Reduce Their Tax Bills by Half

What strategies do you use to cut client tax bills in half? Here are some tips with great examples! Here's what you need to know to reduce your tax bill by half.

Friends & Family Ends Tonight!

Friends & Family Ends Tonight! Don't let the sun go down on these savings...

We hope today is a BLAST!

Dates, times released for IRS Tax Forums

We're excited to announce that we'll be hosting Gold Booth webinars at this year's virtual #IRS Nationwide Tax Forum! Learn more about how you can join our webinars and get discounted tickets to this online event. The popular events will be entirely online this year.

How to Start a Side Hustle and Make Some Extra Money

Looking to make extra cash or get started down the path of a new career? You need a side hustle. Here's some great advice from guest blogger Jim McKinley. If you're looking to supplement your regular income, starting a side hustle could be a great idea! Perhaps you're getting sick of the daily grind, working for

If you have been laid off from your job due to COVID-19, we would like to offer you a discount on your purchase with us. Our ITS Customer Care team will contact you back with the additional information required to qualify for this benefit. Learn more at

Honoring Black Tax Preparation and Accounting Excellence

Today and everyday we want to encourage Black tax preparers CPAs, auditors and more to share their stories, but unfortunately the tax/accounting field is a largely white profession. As the country comes to grips with racial inequalities, we want to #SharetheMic so to speak and highlight some successful and inspirational Black professionals in our industry. Jumping Jack Taxes, Altria Client Service Community Health Systems, Inc., Fulbright Financial Consulting PA / Fulbright & Fulbright CPA PA, National Association of Black Accountants, Inc Written by Breeana Gant In 2019, Instagram launched the "#ShareBlackStories" campaign to honor Black voices and history throughout the month of February. The

IRS Bridges Tax Filing Deadline for Taxpayers Overseas

Do you have clients stuck overseas? Here's how they can file for a tax extension until July 15th (and beyond if they need it!). Remind overseas tax clients the deadline to file is still July 15

No longer a tax novice? Great! Why not take your tax knowledge to the next level? Learning advanced tax law and tax preparation is a great way to grow your client base. Check out what we have to offer ➜

The Realities of Practice Management

Owning a tax business can be confusing and, well, taxing. Here's a all-in-one guide that can help you with your practice's management. A new guide and content series to help firms make the most informed practice management decisions.

So sit back and relax, Dad. Because after this tax season, you deserve it!

IRS Announces Taxpayers Can Now E-File Form 1040X

E-Filing form 1040X is here! The IRS has announced it will allow taxpayers to e-file Form 1040X.

How to Avoid COVID-19 Related Fraud

It was bound to happen. Here's what to look out for regarding COVID-19 related fraud. Make sure you share this with your clients! Fraud is a constant struggle in the tax world. We've seen natural disaster related fraud, identity theft, tax fraud, tax preparer fraud... Now we have one more

Leading in a work-from-home environment

Managing remote employees takes an entirely different set of skills and platforms, but there are many ways that managers and business owners can make remote work for their employees that much easier. Accountants are exactly the right kind of workers to thrive in a work-from-home environment. But how do team leaders manage their staff from afar?

In as little as five months, you can add bookkeeping under your belt! Through our partnership with Penn Foster, we offer an online bookkeeping certification course at an affordable price. Learn more here:

Staying Sane and Productive During the Elongated Tax Season

It's been a long tax season to say the least. How are you managing the stress of it all? Here are tips to stay sane and productive during the long busy season.

A grander reopening post-coronavirus

We've learned a lot about being adaptable these past few months. It's important that we take that and implement it for the future. The future is uncertain — until you start taking it into your own hands.

The Benefits of Role-Playing for Tax Preparers

Practice makes perfect. Here's why you should be role-playing as a new tax preparer. We all know the saying "practice makes progress." If you want to do anything well, you have to practice to get better at it. Any speech or performance requires

36 Successful Course Creators Share How They Get New Leads | Course Method

Check out this article where our CEO, Chuck McGabe, gives his take on creating a successful online course! WHEN YOU BUY THROUGH LINKS ON OUR SITE, WE MAY EARN AN AFFILIATE COMMISSION AT NO COST TO YOU. PLEASE READ OUR DISCLOSURE TO LEARN MORE. Have you created an online course or digital training? Are you now having trouble generating leads to your opt-in forms? It's difficult to get people to opt-in or....

The material from our comprehensive tax course is completely online! Here is why that benefits you:

In less than 8 weeks, you could become a #taxprofessional! Our comprehensive course is completely virtual and course materials are available 24/7. Learn more about our comprehensive tax course at

10 Tips for Leading Through A Crisis

"In times like these, as a small business owner, I have relied on these ten tips to lead and empower my employees through this unknown territory." - CEO Chuck McCabe Times are uncertain and many things have been left up in the air. For many employees, managers and business owners this uncertainty only enhances fear and

5 Self-Care Tips to Avoid Burnout in an Unusual Tax Season

How are you taking care of yourself amidst this extraordinarily unusual tax season? Here are 5 self-care tips to help you avoid burnout in an unusual tax season.

In crisis, small businesses need small accounting firms

Small businesses need our services, especially right now. In this environment where information is fluid and everything is changing on a daily basis, accountants must stay out in front of clients’ needs.

Our tax courses are flexible, affordable, and accessible. Learn more about our special offers at

5 ideas to help take your practice to the next level

How are you elevating your tax firm? There are no fixed rules and you can grow your firm in many ways.

How To Celebrate Small Businesses: Quarantine Style

Despite restrictions, now is a great time to show our gratitude for small businesses in our communities to know just how much we appreciate them. Small Business Week may have been postponed by SBA, but it doesn't mean we can't take it upon ourselves to get in the spirit of supporting small businesses! Due

Start your journey to Enrolled Agent today! Learn more about how you can become a #taxpro here:

Want your school to be the top-listed School/college in Glen Allen?

Click here to claim your Sponsored Listing.

Videos (show all)




10120 W Broad St, Ste A
Glen Allen, VA

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00
Other Education in Glen Allen (show all)
Simply Birthing: Childbirth Education & Doula Services Simply Birthing: Childbirth Education & Doula Services
Glen Allen

Bradley Method Birth Classes in the Central Virginia area, taught by Gair Ayers since 2013.

Lavender Fields Herb Farm Lavender Fields Herb Farm
11300 Winfrey Rd
Glen Allen, 23059

Our farm is nestled on 37 rolling acres bordered by the Chickahominy River in historic Glen Allen, Virginia.We offer Lunch by reservation only

Team Excel Team Excel
11357 Nuckols Rd, Ste 181
Glen Allen, 23059

Drew Barfield Productions Drew Barfield Productions
Glen Allen, 23059

YouTube channel dedicated to all things geek! Computer programming, home automation, artificial intelligence, Linux, The Internet of Things, and more!

K12Excellence K12Excellence
5318 Twin Hickory Rd
Glen Allen, 23059

EFlashApps EFlashApps
Glen Allen, 23059

#1 Award-winning Educational Apps, Nursery Rhymes, Art & Music videos for Toddlers, Preschool, Kindergarten and Elementary School

Who Moved My Leads Who Moved My Leads
10148 W Broad St
Glen Allen, 23060

This is a community of people interested in the the direction and connection of their customers and clients. Be there for those who need you...

Un-Broke Women Financial Makeovers Un-Broke Women Financial Makeovers
4510 Cox Rd Suite 102
Glen Allen, 23060

Teaching business women to create, preserve and transfer wealth through education and action.

Virginia, Maryland, & Delaware Electric Cooperative Youth Tour Virginia, Maryland, & Delaware Electric Cooperative Youth Tour
4201 Dominion Blvd
Glen Allen, 23060

Every year the electric cooperatives afford young people an opportunity to experience Washington, DC, in a way they have never experienced it before on the Rural Electric Youth Tour.

Romp n' Roll West End Romp n' Roll West End
9677 W Broad Street
Glen Allen, 23060

Our play-based classes foster independence, imagination, physical & cognitive skills for kids 3 months thru 5 yrs. Plus, we have amazing birthday parties.

One Word At A Time One Word At A Time
Glen Allen, 23060

Sharing therapy ideas and techniques to improve functional, purposeful communication in children...One Word At A Time

Miss Cardinal Scholarship Organization Miss Cardinal Scholarship Organization
Glen Allen, 23060

The Miss Cardinal Scholarship Program is an affiliate of the Miss Virginia and Miss America Scholarship Organizations.