ACCT3453

This course will focus on fundamental income tax concepts related to understanding and completing individual federal income tax returns. Manual and computerized income tax preparation will be required. Coverage will include: income tax formula for individuals, gross income and exclusions, taxation of self-employed individuals, retirement plans, rental properties, standard vs itemized deductions, tax credits and additional taxes, depreciation, and capital gains/losses. Students will apply course theory to a contemporary tax software product through the computerized completion of progressively challenging federal tax returns.