Basic Concepts of Individual Taxation (Currently Unavailable)

Author: Allison McLeod

Join Allison McLeod, CPA, LL.M, for an introductory course on the fundamentals of preparing and filing an individual federal income tax return. We will cover topics such as what the federal income tax is and how it is computed.

Publication Date: August 2019

Designed For
CPAs, CFPs, EAs and other tax preparers.

Topics Covered

• Who must file
• Recognition of income and deductions
• Calculating the federal tax liability
• Income and exclusions
• Deductions
• Filing status
• Standard Deductions vs. Itemized Deductions
• Common tax concepts
• Capital Gains and Losses
• Estimated payments
• Credits

Learning Objectives

• Identify how the federal income tax differs from other types of federal taxes
• Describe the steps in computing a taxpayer's federal income tax liability
• Differentiate tax consequences for terms commonly used for the federal income tax, such as "adjusted gross income," "qualifying child," "tax credits," "filing status," and "kiddie tax."
• Recognize how an individual's standard deduction is determined
• Recognize how to explain differences in the tax for ordinary income, capital gains, and qualified dividend income
• Differentiate between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
• Identify deadlines for filing income tax returns and estimated taxes and how to obtain an extension of time for filing a return
• Recognize taxable income
• Identify how much of self-employment taxes are deductible for AGI
• Recognize which years can expenditure can be deducted
• Recognize choices in selecting a filing status
• Identify total amount of tax liability that will be reported on a tax return
• Recognize what year income and expenses can be recognized
• Describe dollar-for-dollar offset to a taxpayer's tax liability

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
None

Advance Preparation
None