ACCT 205 - Income Tax

1. Utilize a tax vocabulary in order to discuss general concepts of U.S. income tax law for various taxable entities and to carefully read forms and instructions.
2. Define the general tax formula or structure and place concepts as they are covered in the course within that framework.
3. Discuss components of gross income, identifying whether these are excluded or included for federal income tax purposes.
4. Discuss adjustments to gross income and calculate adjusted gross income (AGI).
5. Discuss the standard deduction or itemized deductions and the deduction for exemptions to arrive at taxable income.
6. Determine federal income tax less appropriate credits to arrive at tax due or to be refunded.
7. Complete a tax return for an individual using the appropriate form 1040 and necessary schedules.
8. Describe acceptable accounting methods for income tax purposes.
9. Prepare a schedule C and/or schedule F (including depreciation schedules) with an accompanying schedule SE using the appropriate tax method.
10. Discuss the rules for deducting IRAs and other retirement plans.
11. Define a capital asset, contrast accounting vs. tax methods, explain the tax treatment of such assets, prepare a schedule D, and describe the tax treatment of sale of business assets including the filing of form 4797.
12. Discuss the requirements of a tax preparer and explain the rules of tax compliance and the role and procedures of the IRS.
13. Identify various tax planning techniques such as deferral or acceleration of income.
14. Communicate effectively using correct standard English, both orally and in writing by completion of papers, projects and/or presentations.

• Capital gains and losses
• Gross income - inclusions and exclusion
• Losses and bad debts
• Business and investment expenses
• Depreciation
• Determination of tax
• Taxable income
• Tax forms for individuals
• Standard deduction
• Tax forms for sole proprietorship
• Itemized deductions

 
Course Addendum - Syllabus (Click to expand)