This course is a basic introduction to federal taxation. The purpose is to familiarize the student with fundamental tax issues and provide the student with a general understanding of the history, laws, and policies of federal taxation.
Adjustments to Gross Income and Itemized Deductions
Calculate itemized deductions.
Compute taxable income.
Identify deductions allowed in computing Adjusted Gross Income (AGI).
Filing Status, Exemptions, and Gross Income part I
Determine a taxpayer's filing status.
Determine personal and dependency exemptions.
Determine if a taxpayer must file a return.
Determine all included, excluded, and exempt gross income items.
Determine net business income.
Determine net rent and other pass through income.
Income Tax Foundations
Define the objectives of U. S. tax law.
Locate sources for information on U.S. tax law.
Distinguish between instances of tax avoidance and tax evasion.
Compare and contrast Generally Accepted Accounting Principles (GAAP) and income tax accounting.
Identify the major components of Form 1040.
Discover answers to tax questions using outside reference sources.
Use tax preparation software.
Property Transactions, Passive Activities, and Gross Income part II
Recognize what constitutes a passive activity.
Determine gain or loss.
Identify non-taxable property transactions.
Determine taxable implications of the purchase, sale or exchange of property.
Differentiate between deductible and non-deductible losses.
Calculate taxable capital gains and losses.
Compute gross income.
Tax Computations and Analysis
Identify tax preferences with regard to the Alternative Minimum Tax (AMT).
Calculate applicable tax credits, payments and penalties.
Calculate tax liability, refund, or amount due using a Form 1040.
Propose year-end tax strategies to decrease taxable income.
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Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.