This course provides a comprehensive overview of the federal income tax system, focusing on both individual and business taxation. Students will explore the tax code, regulations, and the preparation of tax returns for individuals and businesses. Key topics include gross income, deductions, credits, and business expenses. By the end of the course, students will be equipped with the knowledge and skills to navigate the complexities of federal taxation and apply this expertise in practical scenarios. This class may include students from multiple sections.
Course Outcomes
- Describe the components and structure of the federal income and business tax system, including the roles of the IRS and the tax code.
- Distinguish between different types of income for individuals and businesses and determine what is considered taxable and non-taxable under federal law.
- Accurately calculate gross income and AGI for individuals and identify taxable income for businesses.
- Identify and apply common deductions and credits available to individual taxpayers and businesses and analyze their impact on taxable income and tax liability.
- Complete individual federal income tax returns and basic business tax returns using appropriate forms and schedules, ensuring compliance with current tax laws and regulations.
- Recognize and address ethical issues and responsibilities in tax practice, including confidentiality, accuracy, and professional conduct.