Explain the objectives of the Federal Income Tax System and relate them to individuals working in the U.S. economy.
Distinguish between taxable income versus tax exempt income and allowable deductions versus non-allowable deductions.
Identify tax planning strategies for maximizing deductions and minimizing the disallowance of deductions.
Recognize and determine deductions and losses for individual’s businesses.
Apply the components of the Federal income tax formula to determine individual tax liability.
Identify tax problems that can be solved by further research, or that require expert tax counsel.
Course Description Studies the current federal tax laws, providing a working knowledge of preparing taxes for individuals and sole proprietorships. Federal tax law topics include gross income, exclusions, deductions, credits, accounting periods and methods, and property transactions. Credits: 3