Description:

Introduces the concepts and procedures for preparing personal federal income tax returns. Prerequisite: ACCT 102 or permission of instructor.

Outcomes:

After completing this class, students should be able to:

Describe and apply the types of taxes imposed at the federal, state, and local levels. Apply the federal tax rules for personal and dependency exemptions. Analyze and discuss the concepts of gross income. Discuss and apply tax planning opportunities for maximizing deductions. Identify, analyze and explain deductions from income related to employee and self-employed expenses. Analyze property transactions to determine gains or losses, basis for consideration, and nontaxable exchanges. Use technology and information resources to research issues in individual federal taxation. Create a federal tax return for individuals using Schedules C and D. Discuss the use and application of ethics in federal tax reporting.