This course has an assignment that is due by 11:55 pm Central Standard Time on Wednesday night of the first week of class. Failure to complete this assignment will result in your removal from the course for non-participation.

You will be provided with Connect Course Registration information when the course opens on the first day of class.

Please note: If you would like a physical copy of the textbook in addition to the eBook in Connect, you can purchase it directly from the publisher after purchasing the access and registering for the course.  Discounted purchasing information for the physical copy will be located on the course home page in Connect. Please note that the physical copy is not required; only the Access to Connect and the eBook is required for the course.

Survey of individual federal income tax laws.  Topics will include property transactions; business, farm, rent, royalty, and investment income; and employee expenses.  Forms 1040EZ, 1040A, and 1040 and the accompanying schedules are considered. Prerequisites: AC201.

Students will

• know the history and objectives of US tax law                                   
• understand and record capital gains and losses
• know the different entities subject to tax                                
• read and use tax tables
• understand the tax formula for individuals                             
• understand the basic tax rules for partnerships
• be able to complete a simple individual tax return                  
• understand the basic tax rules for corporations
• know the current tax treatment of IRAs                                  
• have a general understanding of the audit process
• know the basic concepts of tax planning                                
• be able to itemize deductions                                      
• know the difference between deductions and credits            
• find tax forms and instructions on the IRS website
• calculate depreciation using MACRS tables