The amount of money you spend on tax courses depends mostly on the type of educational goals you set for yourself. If you choose to work at a slower pace and acquire Continuing Professional Education (CPE) credit over a longer period of time your more likely to spend less money for a single taxation course than if you choose to go through an entire program quickly.

The costs of attending a seminar in comparison to taking online tax classes may also be significant. Regardless of which path you choose, as you go about the process of investigating the pricing and costs of tax courses, keep the following information in mind to make the most of your financial resources:

1. Pay less than $125 for tax classes.

2. Take online tax courses for less than $380.

3. Consider tax education programs that range from $600 to $1900 instead of taking one inexpensive tax course.

Action Steps
The best contacts and resources to help you get it done

Look for tax training in areas such as ethics and sales tax for less than $125

A broad range of specific types of tax courses are available at costs that range between $75 and $124. Choose from a variety of formats that include interactive multi-media to live presentations.

I recommend: Take the Professional Ethics: AICPA's Comprehensive Course offered by CPA2Biz for $99 to $124 depending on if you are an AICPA member. This is an interactive multi-media CD-ROM course that provides instruction in AICAP, SEC and GAO independence rules. Take an on-demand online course in sales tax concepts from the Sales Tax Institute that ranges from $75 to $99. CPE credit is available for this live presentation.

Get CPE credit through online tax classes that cost less than $380

An online course is a convenient way to develop professional growth and sharpen your accounting skills. Online tax classes range from $26 to $372.

I recommend: PASS Online.com offers instruction in taxation education for prices that range between $26 and $372. Choose from a variety of business tax courses, income tax classes and more. MicroMash provides online CPE for accountants in subject areas that include auditing, accounting, ethics and taxation. Courses range from $20 to $170. Earn National Association of State Boards of Accountancy (NASBA) Registry/QAS credits for completing courses.

Choose a taxation course program that matches your educational goals as well as your budget

A training program that ranges between $600 to $1900 is reasonable if your goal is to complete tax training quickly.

I recommend: The Multistate Tax Commission (MTC) offers training programs that start as low as $600 and cost as much as $1880. These programs include classes in legal, sampling, technology and audit as well as other offerings that increase the knowledge and practical skill set of state tax administration professionals. The Federal Individual Income Tax Course instructs in areas that include estimated tax, accounting methods, itemized deductions, tax credits, income tax withholding and more. This tax preparation course is offered by the National Tax Training School (NTTS) for a price that ranges between $795 and $825 depending on if you use a payment plan.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  A tax seminar is another means of receiving tax training and acquiring CPE credit. Look for seminars and conferences that give CPE credit for your attendance.

One of the surprises for many new business owners is the myriad tax obligations that come with the territory. Government agencies from Washington to city hall have their hands out and it's your duty as a business owner to know what you owe and to file returns properly. A mistake can be costly, resulting in late payment penalties or worse. Avoiding taxes can be considered a crime with serious consequences if you're caught. On the other hand, proper preparation can make the task go smoothly, and savvy business owners can cut their taxes by taking all available deductions. A good knowledge of your business taxes can:

1. Insure your business runs smoothly.
2. Keep government tax auditors away.
3. Save you money through proper use of deductions.
4. Prevent time-crunch headaches whenever a tax deadline approaches.

Action Steps
The best contacts and resources to help you get it done

Work your way up

One way to figure your tax obligations is to start at the local level and work your way up. Check with your local city or county to determine what licenses and fees you must pay, plus what property taxes you may owe on your business. Then work your way up to state and federal taxes.

I recommend: For an overview of business taxes, see the section on Controlling Your Taxes at the Business Owners Toolkit site. For links to additional tax resources, visit Yahoo! Small Business and the Business Tax Center at MyOwnBusiness.com.

Understand your federal tax obligations

As a business owner, you'll need to report business income, take business deductions, claim tax credits, collect payroll taxes if you have employees and file at the right times. A good accountant is invaluable in helping you deal with your federal tax obligations. But it's important that you understand the basics to help guide the tax preparation process so you don't miss tax breaks or deductions.

I recommend: The IRS has an overview and links for business taxes, including links to tax forms.

Understand your state tax obligations

Dealing with state taxes can be a major chore, especially if you have retail sales and must collect sales taxes. Sales taxes vary not only by state but by county and city, so it's important to collect and file the correct amounts. In addition you may owe state income taxes and have state payroll deduction obligations.

I recommend: The Tax and Accounting Sites Directory offers a page of links to states where you can read discussions of tax obligations for your particular state. The U.S. Small Business Administration offers links to taxing authorities by state.

Understand your payroll tax obligations

You'll need to determine which of your workers are considered employees subject to withholding and what compensation is taxable.

I recommend: The U.S. Small Business Administration's Payroll Taxes page has overviews and links to federal and state taxing agencies. Figure out what compensation is taxable at ItsSimple.biz.

Keep track of taxes

It helps to keep up-to-date files and records throughout the year to make sure you don't wind up frantically hunting on deadline. Accounting and tax software can help keep you on track. A good software package should also include the forms you'll need to file.

I recommend: Among the more popular tax software titles are those from TurboTax, TaxCut or TaxAct. Popular accounting software systems are NetSuite, QuickBooks and Microsoft Small Business Accounting.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Your accountant is there to provide guidance, not just to file your taxes. Ask questions if you're unsure about any aspect of your taxes or deductions.
• •  Don't miss deductions or credits. Check in with tax blogs and the IRS site for updates on tax issues to make sure you take advantage of new deductions and tax credits.
• •  Save your records. You'll need to keep financial records for extended periods of time. Check with your accountant for help in what records you need to keep and for how long.
• •  Take an extension. If you hit a filing deadline and you're not ready, check with the filing agency on rules for filing for an extension.

Tax courses provide a number of benefits to tax professionals that include Continuing Professional Education (CPE) credit as well as an opportunity to discuss recent legislative changes and how to apply them to a taxpayer's specific situation. Tax professionals are able to receive advice from experts in the field and come to a full understanding of complex laws through participation in tax courses.

These programs are also convenient as many are available online or in a CD-ROM format to make continuing education possible for the professional with a busy lifestyle. Try making the most of tax courses with the use of the following information:

1. Attend tax seminars and conferences to receive CPE credit.

2. Complete business tax classes at your own pace.

3. Take a taxation course online.

Action Steps
The best contacts and resources to help you get it done

Find tax seminars and tax training in an area near you

Look for tax seminars and conferences that also provide CPE credit for the time you spent in attendance of the event.

I recommend: Council for International Tax Education (CITE) provides training in international business through training programs in the areas of country tax, international tax, transfer pricing, export tax, tax accounting and U.S. tax courses. Attend a seminar or conference and receive CPE credits. Lorman Education Services provides instruction in areas that include tax laws, retirement plans, unclaimed property and more. Find a Tax Seminar offered by Lorman Education Services in location near you.

Enroll in a self-paced tax course

Choose a CPE program that allows you to complete an income tax course or taxation education in another area at your own pace. Look for an accredited distance program that can help you reach your educational goals while maintaining your busy lifestyle.

I recommend: The Higher Course in Federal Taxation offered by the National Tax Training School (NTTS) prepares students for the Internal Revenue Service (IRS) Special Enrollment Examination through instruction in areas that include the federal tax structure. This is a self-paced study that allows you to complete the course at a time that works for your busy schedule. PASS Online.com is a National Association of State Boards of Accountancy (NASBA) Certified CPE that provides taxation education as well as courses in accounting and ethics. Choose convenient tax training courses with the use of formats that include CD-ROM or online classes.

Register for online tax courses for convenient access to taxation education

Online tax classes are a convenient way for you to further your professional growth if returning to a campus to take income tax classes or business tax courses is impractical.

I recommend: The Corporate Income Tax Returns Workshop is an American Institute of Certified Public Accountants (AICPA) self-study course. Gain a better understanding of recent tax changes as well as hands on experience with the application of these legislative changes while you earn CPE credit simultaneously. Tax Laws and Legislative Changes is a basic level online course that covers new tax relief acts and how to use this legislation when helping a client. Acquire NASBA Registry/QAS credits upon successful completion of the course.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you are a member of a professional association, inquire about tax courses offered through the organization and apply membership discounts when available.

Tax courses are classes that take place online or in person that teach the student the basics of tax preparation and tax laws. Tax courses can cover anything from filing returns to running a tax preparation service. Tax classes allow accountants access to the information needed to advise clients on how to make the most money back from their returns. Tax courses can also provide certification and licensing to allow accountants to file multiple types of returns for their clients.

Action Steps
The best contacts and resources to help you get it done

Tax updates

Tax updates are new laws and regulations that go into effect each year. Tax courses discuss these tax updates in order to give the student the most current information.

I recommend: The Michigan Association of Certified Public Accountants has its tax update podcast directory listed along with a description of current updates.

IRS EA Special Enrollment Examination

The Special Enrollment Examination is a test sponsored by the IRS that is required to be taken by agents. Tax courses will cover what will be on this exam and how to prepare for it.

I recommend: Prometric is the IRS-sponsored company that administers the Special Enrollment Examination. Its website has information on the test and its specifications.

Audit documentation

The auditing process is another popular topic covered in tax courses. An audit occurs when the IRS requests additional information that must be provided by the tax filer. Tax courses will not only likely cover the auditing process on the IRS end, but also documentation needed for tax audit preparation.

I recommend: Find an auditing dictionary with audit key terms on the Accounting Institute Seminars website.

Tax forms

This is likely to be the most frequently used key term used when researching tax courses. A tax course will delve into what forms are appropriate for which filers as well as the information that needs to be provided on the income tax return. Income tax returns must be sent into the IRS by anyone who earns an income. Popular forms include 1040 and W-2.

I recommend: For definitions of different types of income tax forms and specifications, you should browse the “Forms and Publications” section on the IRS site.

Tax deductions

Tax deductions are a highlight of tax courses because they help clients reduce the amount of taxes they need to pay to the IRS. There are standard deductions, medical expenses, charitable contributions, student loans, business expenses and more.

I recommend: H&R Block is a tax return service as well as a facility that holds tax courses. On its site, tax deductions are explained.

CPA

To become a CPA, or certified public accountant, you need to take a variety of tax courses and receive your CPA license. To be considered a CPA, you need to pass a qualifying Uniform CPA Exam.

I recommend: Get information about becoming a CPA through tax courses and examination on the American Institute of Certified Public Accountants page.