ACCT 285 Federal Income Taxes • 5 Cr.
Introduces the concepts and procedures for preparing personal federal income tax returns. Prerequisite: ACCT 102 or permission of instructor.
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.