AC340 Income Tax Accounting is a comprehensive, core course which provides a foundation for understanding personal income tax returns. The emphasis is on preparing Forms 1040EZ, 1040A, and 1040 with awareness-level information on Form 1040 tax topics. The course structure is 8 weeks and includes two components:
 Tax theory and law
 Tax Form preparation

COURSE OBJECTIVES
Students will be able to accurately interpret tax theory and law, provide advice, and complete tax returns.
At the conclusion of this course, you should be able to:
 Determine correct filing status, calculate correct number of dependents, and determine EITC eligibility.
 Accurately complete a tax return using both paper forms and program software.
 Demonstrate advice delivery while being coached by Instructor.

COURSE SUPPLIES, REQUIRED DOCUMENTS, AND RESOURCES
Participation in AC340 will require the following: 

• Textbook
• Instructor Provided Workbook/Forms book  
• IRS Publication 17 (only available for download from the IRS Web site at ).  
• Internet – Will be used to conduct local and state tax research.

COURSE TOPICS:
The course will cover the following topics:
Taxable vs. Nontaxable Income
Child and Dependent Care Credit
Form 1040EZ & Form 1040A
Credit for the Elderly or Disabled
Filing Status
Lifetime Learning Credit
Filing Requirements
American Opportunity Credit
Dependency Exemptions
Saver's Credit
Determining Support
Child Tax Credit
Interest & Form 1099-INT
Additional Child Tax Credit
Dividends & Form 1099-DIV
Premium Tax Credit (Healthcare law)
Capital Gains
Individual Retirement Accounts
Earned Income Tax Credit (EITC)
Social Security Benefits
EITC Due Diligence
Early Distributions
Educator Expenses
Pensions and Annuities
Student Loan Interest
Form W-2
Tuition and Fees
Itemized Deductions awareness
Itemizing v. Standard Deduction
Withholding
Credits vs. Deductions
Tax due