Tax Exam Prep

By Ran Chen, EA, CFP®

Tax Exam Prep is a daily podcast designed to help future tax professionals pass their tax certification and licensing exams with clarity and confidence.

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FAQs about Tax Exam Prep:

How many episodes does Tax Exam Prep have?

The podcast currently has 10 episodes available.

Tax Exam Prep episodes:

January 25, 2026 Enrolled Agent Exam [Part 1] 10, Sale of Stocks and Bonds
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• How to determine cost basis for securities using the default FIFO method versus specific identification.
• The correct way to adjust a stock's per-share basis after a stock split or from reinvested dividends.
• How the wash sale rule disallows a loss and requires an upward adjustment to the basis of the new shares.
• The application of the $3,000 maximum annual capital loss deduction against ordinary income.
• How to calculate the amount and determine the character of a capital loss carryover to future tax years.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
4min
January 24, 2026 Enrolled Agent Exam [Part 1] 09, Capital Gains and Losses Introduction
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The critical distinction between a capital asset (like a stock) and a non-capital asset (like a business delivery van).
• How to master the holding period rule: a sale must occur *more than one year* after purchase to be long-term.
• The proper reporting flow from the detailed transaction list on Form 8949 to the summary on Schedule D.
• Why long-term gains on collectibles are taxed at a special 28% maximum rate, not the standard 0/15/20% rates.
• How unrecaptured Section 1250 gain from depreciable real property is subject to a 25% maximum tax rate.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
4min
January 23, 2026 Enrolled Agent Exam [Part 1] 08, Interest and Dividend Income
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• Report all interest on Schedule B if it exceeds $1,500, but only include taxable interest in your gross income calculation.
• Tax-exempt interest is shown on Schedule B for informational purposes but is not added to your taxable income on Form 1040.
• Penalties for early withdrawal of savings are an above-the-line deduction on Schedule 1, not a direct reduction of interest income on Schedule B.
• A dividend's "qualified" status, which grants a lower tax rate, depends on a specific holding period of more than 60 days.
• Exceeding the investment income limit, such as the $11,950 threshold for tax year 2025, can disqualify a taxpayer from receiving credits like the Earned Income Tax Credit.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
4min
January 22, 2026 Enrolled Agent Exam [Part 1] 07, Self-Employment Income Basics
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• How to calculate net profit on Schedule C by subtracting ordinary and necessary expenses from gross receipts.
• The critical factors the IRS uses to differentiate an employee from an independent contractor, focusing on the right to control.
• Why bartered services must be included in gross receipts at their fair market value.
• The common exam trap of distinguishing between currently deductible expenses and capital expenditures.
• How net self-employment earnings are subject to SE tax and the proper placement of the one-half SE tax deduction.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
4min
January 21, 2026 Enrolled Agent Exam [Part 1] 06, Wages, Salaries, and Tips
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• Why Box 1 (Wages) and Box 5 (Medicare Wages) on Form W-2 can be different.
• The exact $20 monthly threshold that triggers the requirement for employees to report tips.
• How to correctly report allocated tips from Box 8 of the W-2 using Form 4137.
• A simple rule to distinguish taxable cash-equivalent fringe benefits from non-taxable ones.
• Key 2025 dollar limits for non-taxable benefits like education, adoption, and transportation assistance.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
4min
January 20, 2026 Enrolled Agent Exam [Part 1] 05, Gross Income Inclusions
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• Gross income under IRC Section 61 includes all income from any source unless specifically excluded.
• Income is taxable regardless of its form; bartered services and property are taxed at their fair market value.
• Prizes, awards, and bonuses are fully includible in gross income, even if they are not received in cash.
• Items labeled as "gifts" from an employer are almost always considered taxable compensation on the exam.
• Your default exam assumption should be that any item of value received is taxable income.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
3min
January 19, 2026 Enrolled Agent Exam [Part 1] 04, Dependent Rules and Requirements
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The critical difference between the support tests for a qualifying child versus a qualifying relative.
• Key age test requirements for a qualifying child, including the under 19, under 24 for students, and disability exceptions.
• The strict gross income limit that a qualifying relative must meet to be claimed as a dependent.
• How to apply the tie-breaker rules when a child is a qualifying child for multiple taxpayers.
• The distinction between relatives who must live with you all year and those who do not.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
5min
January 18, 2026 Enrolled Agent Exam [Part 1] 03, Standard Deduction for 2025
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• The specific 2025 standard deduction amounts for Single, MFJ, and Head of Household.
• How to determine whether a taxpayer should take the standard deduction or itemize their deductions.
• How the standard deduction is increased for taxpayers who are age 65 or older, or are blind.
• How the new "One Big Beautiful Bill" creates a significant senior deduction that replaces the prior age-based add-on.
• How to calculate a taxpayer's full standard deduction in a complex exam scenario involving multiple additional amounts.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
4min
January 17, 2026 Enrolled Agent Exam [Part 1] 02, Filing Status Determination
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
• Marital status for tax filing is determined on the last day of the year, December 31st.
• The Head of Household status requires being unmarried, paying for more than half the cost of a home, and having a qualifying person reside there for more than half the year.
• A taxpayer can claim Head of Household based on a dependent parent even if the parent does not live with them.
• Qualifying Surviving Spouse status extends joint filing benefits for two years after a spouse's death if the survivor has a dependent child and remains unmarried.
• The 'considered unmarried' rule allows a married individual to file as Head of Household if their spouse has not lived with them for the last six months of the year.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
4min
January 15, 2026 Enrolled Agent Exam [Part 1] 01, Introduction to Individual Taxation
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The crucial calculation for Adjusted Gross Income (AGI) and its role on the exam. • How to identify "above-the-line" adjustments versus "below-the-line" itemized deductions. • The three-part test for Head of Household status, especially in post-divorce scenarios. • The two-year rule and remarriage restriction for Qualifying Widow(er) status. • A simple mnemonic to remember the time limit and rules for Qualifying Widow(er) status. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
...more
4min

FAQs about Tax Exam Prep:

How many episodes does Tax Exam Prep have?

The podcast currently has 10 episodes available.