ACCT 179 - Taxation I - Individuals

Credits 5
This is a fundamental course designed to introduce the student to the preparation of federal income tax returns for individuals. Basic tax principles relating to gross income, exemptions, standard and itemized deductions, tax computation, and credits are covered. Income or loss from business and rental activities, and capital gains and losses are also covered. Students will prepare a series income tax returns both manually and using tax preparation software. Students also explore researching tax questions using IRS and other publications.

Course Outcomes

Apply the tax formula for individual taxpayers and complete a basic individual income tax return accordance with Internal Revenue Service (IRS) regulations.
Identify variety of items that included or excluded from gross income including the taxable portion of annuities and social security benefits in accordance with IRS regulations.
Identify various common business expenses and apply the rules relating to travel and automobile expenses and the home office deduction.
Apply the tax rules for rental property and vacation home including the applicable Passive Loss limitations.
Determine the long-term and short-term gains and losses from various capital asset transactions and prepare a Schedule D.
Compute income tax on long term capital gains and qualified dividends.
Apply current tax rules for contributions and distributions for Traditional and ROTH IRA’s and Pension Plans in accordance with IRS regulations.
Apply the applicable tax rules relating to each of the various itemized deductions and complete an individual income tax return involving itemized deductions, hobby losses and moving expenses.
Calculate Self Employment taxes, Alternative Minimum Tax and Special Taxes for high income taxpayers.
Compute the tax on unearned income of minor children.
Prepare a moderate to difficult income tax return using computerized tax preparation software.