Study Tax Concepts During Your Commute
Preparing for the Enrolled Agent exam or other tax credentials? The free Open Exam Prep Tax Podcast turns your commute, gym time, or tax season downtime into productive study sessions.
Why Audio Learning Works for Tax Exams
Tax Concepts Build on Each Other
Understanding tax law is about grasping concepts and how they connect. Audio learning helps you:
- Understand the "why" behind tax rules
- Connect related concepts (e.g., how AGI affects multiple deductions)
- Review foundational concepts while learning advanced topics
- Retain information through repetition during passive time
Tax Professionals Are Busy
During tax season, you're slammed with clients. During the off-season, you're studying for credentials. The podcast lets you:
- Study during commutes to/from client meetings
- Review concepts while organizing files
- Learn during exercise or household chores
- Maximize the off-season for exam prep
What the Podcast Covers
Part 1: Individuals
| Topic | Key Concepts |
|---|---|
| Filing Status | Single, MFJ, MFS, HOH, QSS |
| Income | Wages, interest, dividends, capital gains, retirement distributions |
| Adjustments | IRA contributions, student loan interest, HSA, self-employment |
| Deductions | Standard vs. itemized, SALT, mortgage interest, charitable |
| Credits | Child tax credit, EITC, education credits, retirement saver's credit |
| Tax Computation | AMT, self-employment tax, estimated payments |
Part 2: Businesses
| Topic | Key Concepts |
|---|---|
| Entity Types | Sole proprietor, partnership, S corp, C corp, LLC |
| Business Income | Gross receipts, cost of goods sold, business income |
| Business Deductions | Ordinary & necessary, depreciation, Section 179, home office |
| Employment Taxes | FICA, FUTA, withholding, 1099 requirements |
| Retirement Plans | SEP, SIMPLE, 401(k), defined benefit |
| Entity Taxation | Pass-through, double taxation, reasonable compensation |
Part 3: Representation, Practices & Procedures
| Topic | Key Concepts |
|---|---|
| Circular 230 | Duties, restrictions, sanctions, best practices |
| Practice Rights | Who can practice, limited practice, POA |
| IRS Procedures | Examinations, appeals, collections, penalties |
| Taxpayer Rights | Taxpayer Bill of Rights, confidentiality, privilege |
| Ethics | Conflicts of interest, due diligence, return positions |
Study Strategy: The Off-Season Approach
Timing Your EA Exam Prep
Most tax professionals study for the EA exam during the off-season (May through December). Here's a recommended timeline:
| Phase | Timing | Focus |
|---|---|---|
| Part 1 | May-June | Individuals (most familiar content) |
| Part 2 | July-September | Businesses (most challenging) |
| Part 3 | October-November | Representation (shortest) |
| Buffer | December | Retakes if needed |
Daily Study Routine
| Time | Activity |
|---|---|
| Morning commute | Podcast: new topic |
| Lunch break | 15-20 practice questions |
| Evening commute | Podcast: review today's topic |
| Before bed | Review missed questions |
This adds up to 8-10 hours weekly without blocking dedicated study time.
Free Practice Questions
Pair the podcast with free practice questions for each EA exam part:
| EA Exam Part | Topics | Free Practice |
|---|---|---|
| Part 1: Individuals | Income, deductions, credits | Start Part 1 Practice → |
| Part 2: Businesses | Entities, business tax | Start Part 2 Practice → |
| Part 3: Representation | Ethics, IRS procedures | Start Part 3 Practice → |
Key Tax Concepts the Podcast Explains
Above-the-Line vs. Below-the-Line Deductions
Above-the-line deductions (adjustments to income):
- Reduce AGI directly
- Available to all taxpayers regardless of itemizing
- Examples: IRA contributions, student loan interest, HSA
Below-the-line deductions (itemized or standard):
- Reduce taxable income after AGI is calculated
- Must choose standard OR itemized
- Examples: Mortgage interest, SALT, charitable contributions
This distinction is critical because AGI affects phase-outs for many tax benefits.
Business Entity Comparison
| Entity | Taxation | Self-Employment Tax | Limited Liability |
|---|---|---|---|
| Sole Proprietor | Schedule C | Yes, on all profit | No |
| Partnership | K-1s to partners | Yes, for active partners | Depends on type |
| S Corporation | K-1s to shareholders | Only on wages | Yes |
| C Corporation | Corporate level + dividends | No | Yes |
Understanding these differences is essential for Part 2.
Where to Listen
The Tax Exam Prep Podcast is available on all platforms:
- Spotify - Listen on Spotify
- Apple Podcasts - Listen on Apple Podcasts
- YouTube - Watch on YouTube
Download episodes for offline listening during travel to client locations.
Why Become an Enrolled Agent?
The EA Credential Opens Doors
| Benefit | Description |
|---|---|
| Unlimited Practice Rights | Represent any taxpayer on any matter before IRS |
| No Degree Required | Just pass the exam and background check |
| Federal License | Practice in all 50 states without additional licensing |
| Client Trust | "EA" credential signals expertise and IRS authorization |
| Career Flexibility | Work independently, for firms, or IRS |
EA vs. CPA for Tax Practice
| Factor | Enrolled Agent | CPA |
|---|---|---|
| Focus | Tax only | Broader (audit, advisory) |
| Education | No degree required | Bachelor's + 150 hours |
| Exam | 3 parts, tax-focused | 4 parts, comprehensive |
| IRS Rights | Unlimited | Unlimited |
| Cost | ~$600 total | $2,000-4,000+ |
If your goal is tax practice specifically, the EA is faster and cheaper to obtain.
Common Questions
"When should I take the EA exam?"
The testing window is May through February of the following year. Most tax pros study during the off-season (May-October) and test before tax season starts. You can take the parts in any order.
"Can I take all three parts on the same day?"
Technically yes, but most people don't. Each part is 3.5 hours. Most candidates take one part at a time, spacing them 4-8 weeks apart.
"What if I fail a part?"
You can retake a failed part after waiting 24 hours. Many successful EAs needed 2-3 attempts on Part 2 (Businesses), which is the most challenging. Don't get discouraged—learn from missed questions and try again.
Need Help? Ask the AI Tutor
Confused about a tax concept from the podcast? Our free AI tutor can explain anything:
Try asking:
- "What's the difference between a traditional and Roth IRA?"
- "Explain how S corporation reasonable compensation works"
- "What are the Circular 230 due diligence requirements?"
Free for 10 questions per day.
Start Your EA Exam Prep Today
- Subscribe to the podcast on Spotify
- Practice with free EA exam questions
- Ask the AI when you need concepts explained
All free. No credit card. Become an Enrolled Agent and advance your tax career.