Sep 28, 2023
ACCT 285 - Federal Income Taxes I
Introduces the concepts and procedures for preparing personal federal income tax returns.
Prerequisite(s): ACCT 102 or ACCT 202 with a C or better, or entry code.
- 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.
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