Individual/Business Income Tax

Catalog description

This course introduces students to federal income taxes as they relate to individuals, businesses, and other entities. Students will study income tax concepts, such as filing status, gross income, ordinary gains and losses, capital gains and losses, exemptions, deductions and expenses, business and rental properties, payroll and estimated tax, tax credits and special taxes, depreciation, partnerships, corporations, trusts, and estates. Filling out tax forms in their entirety for individuals and different types of business entities will be covered as well. In addition, students will learn how to find answers to tax questions when unique situations occur.