Income Tax Accounting –


(3 credits)

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.
This undergraduate-level course is weeks. This course is available as part of a degree or certificate program. To enroll, speak with an Enrollment Advisor.

Tax Computations and Analysis

  • Propose year-end tax strategies to decrease taxable income.
  • Calculate tax liability, refund, or amount due using a Form 1040.
  • Calculate applicable tax credits, payments and penalties.
  • Identify tax preferences with regard to the Alternative Minimum Tax (AMT).

Property Transactions, Passive Activities, and Gross Income part II

  • Compute gross income.
  • Calculate taxable capital gains and losses.
  • Differentiate between deductible and non-deductible losses.
  • Determine taxable implications of the purchase, sale or exchange of property.
  • Identify non-taxable property transactions.
  • Determine gain or loss.
  • Calculate basis.
  • Recognize what constitutes a passive activity.

Income Tax Foundations

  • Use tax preparation software.
  • Discover answers to tax questions using outside reference sources.
  • Identify the major components of Form 1040.
  • Compare and contrast Generally Accepted Accounting Principles (GAAP) and income tax accounting.
  • Distinguish between instances of tax avoidance and tax evasion.
  • Locate sources for information on U.S. tax law.
  • Define the objectives of U. S. tax law.

Filing Status, Exemptions, and Gross Income part I

  • Determine net rent and other pass through income.
  • Determine net business income.
  • Determine all included, excluded, and exempt gross income items.
  • Determine if a taxpayer must file a return.
  • Determine personal and dependency exemptions.
  • Determine a taxpayer's filing status.

Adjustments to Gross Income and Itemized Deductions

  • Compute taxable income.
  • Calculate itemized deductions.
  • Identify deductions allowed in computing Adjusted Gross Income (AGI).

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