ACT 240 - Individual Income Tax Accounting

3 Credit(s)

Fundamentals of federal income taxation with emphasis on individuals. Topics include determination of income, exclusions, exemptions, personal and business deductions, credits, accounting methods, and capital gains and losses.

Prereqs: ACT 110 with a passing grade
Course Type: Lecture
Tuition Tier: Base
Delivery Method:
In-Person, Remote
Course Learning Outcomes:
CLO 1) Students will prepare basic and complex income tax returns for individuals, businesses and self-employed individuals.
CLO 2) Students will demonstrate and understand relevant income tax concepts, terms, and the history and purpose of taxation in the U.S.
CLO 3) Students will explain the use of deductions and exclusions.
CLO 4) Students will calculate and use depreciation.
CLO 5) Students will define and calculate adjusted gross income and taxable income.
CLO 6) Students will describe and utilize the various tax forms that individuals receive that are used in preparing tax returns.