Introduction

Taxes are a fundamental part of personal finance, yet many individuals struggle to understand their tax obligations, deductions, and filing requirements. Whether you’re a first-time filer, an employee, a freelancer, or an investor, knowing the basics of taxation can help you reduce tax liabilities, avoid penalties, and maximize refunds.

This 5-day training course is designed to provide individuals with a solid foundation in personal taxation. Participants will learn about income taxes, tax credits, deductions, and how to prepare their tax returns effectively.

Course Objectives

By the end of this course, participants will be able to:

• Understand the fundamentals of personal income taxation.
• Identify taxable income and eligible deductions.
• Navigate tax brackets and calculate taxable income.
• Maximize tax savings through credits and deductions.
• File personal tax returns confidently and avoid common mistakes.

Who Should Attend?

This course is ideal for:

• Employees and salaried individuals
• Freelancers and self-employed workers
• First-time taxpayers and young professionals
• Individuals looking to improve their tax knowledge
• Anyone who wants to maximize tax savings and refunds

Course Outline

Day 1: Introduction to Personal Taxes

• Overview of income taxes and how they work
• Understanding tax forms (W-2, 1099, 1040, etc.)
• Federal vs. state tax obligations
• How tax brackets and marginal tax rates work

Workshop: Identifying sources of taxable and non-taxable income

Day 2: Understanding Income & Taxable Earnings

• Types of taxable income: wages, self-employment, investments, rental income
• How capital gains and dividends are taxed
• Self-employment tax and estimated quarterly payments
• Tax implications of side jobs and gig economy work

Case Study: Calculating tax liability for different types of income

Day 3: Deductions, Credits & Tax Savings Strategies

• Standard deduction vs. itemized deductions: Which is better?
• Common deductions: student loan interest, mortgage interest, medical expenses
• Tax credits: Child Tax Credit, Earned Income Tax Credit (EITC), education credits
• Retirement savings and tax benefits (IRA, 401(k), HSA)

Workshop: Identifying eligible deductions and tax credits

Day 4: Tax Filing & Avoiding Mistakes

• How to file a tax return: Online filing vs. hiring a professional
• Common tax filing mistakes and how to avoid them
• Understanding tax refunds and withholdings
• What happens if you owe taxes? Payment plans and IRS options

Case Study: Completing a basic tax return using Form 1040

Day 5: Advanced Tax Planning & Audit Preparedness

• How to adjust withholdings to maximize take-home pay
• Managing taxes on investments and retirement accounts
• Preparing for a tax audit: What triggers IRS scrutiny?
• Tax changes and future trends to watch

Capstone Exercise: Creating a personalized tax strategy for the next year

Conclusion & Certification

Participants who complete the course will receive a Certificate in Personal Tax Literacy, demonstrating their understanding of basic tax principles and financial planning.

Program Benefits

• Easy-to-Understand Concepts – No prior tax knowledge required.
• Practical Learning – Hands-on exercises and real-life scenarios.
• Maximize Savings – Learn how to keep more of your hard-earned money.
• Filing Confidence – Understand the tax process and avoid mistakes.
• Future-Proof Your Finances – Stay updated on tax laws and financial planning.