ACCT 2430 Income Tax

The student will gain up-to-date tax knowledge relevant to a wide range of taxpayers. By the end of the course, the student will be equipped to prepare their own tax return as well as have a solid foundation for a career in preparing individual and business taxes. (3 lect.)

Credits

3 credits

Major Topics

• Fundamentals of taxation
• Federal tax law, rules, and regulations
• Filing status and dependents
• Gross income, adjustments, and exclusions
• Itemized and standard deductions
• Income tax schedules
• Taxation of businesses including sole proprietor and partnership
• Depreciation, cost recovery, amortization, and depletion
• Tax credits
• Capital gains and losses

Outcomes

In order to successfully complete this course, the student will:

1. Examine the social and economic goals of Federal Tax Laws.

2. Select the filing status.

3. Apply taxation rules to determine dependency.

4. Compute standard or itemized deductions.

5. Calculate gross income and exclusions.

6. Calculate self-employed income and payroll taxes.

7. Analyze tax credits and special taxes.

8. Compute capital gains/losses and tax implications for the sale, disposal, or donation of property.

9. Analyze rental property income from flow-through entities.

10. Evaluate retirement and other tax-deferred plans and annuities.

Other Information

Any information placed here must be adhered to by all instructors: