ACCT-215 Individual Income Tax Accounting

Credits 4 / 4 Contact Hours
Pre-requisite: Placement into College Level Reading, completion of ELAP-120 with a 2.0 or higher, or successful completion of ACRD-090, ACRD-091 or ACRD-092; ACCT-201 with a minimum 2.0 grade.
Income Tax Accounting concentrates on the taxation of individuals from a historical and theoretical perspective as well as preparation of individual income tax returns under current tax law. Recent tax software is used to prepare a comprehensive individual income tax return.

Course Outcomes
1. Demonstrate an understanding of federal income tax structure. 2. Determine proper filing status for individuals. 3. Determine qualifying dependency exemptions. 4. Identify individual income tax, payments and reporting procedures. 5. Calculate various tax credits. 6. Determine gross income inclusions and exclusions. 7. Compute gross income. 8. Calculate various deductions for adjusted gross income (AGI). 9. Calculate Adjusted Gross Income (AGI). 10. Create an income tax return for individuals (manually and with software). 11. Distinguish personal itemized deductions versus nondeductible items. 12. Calculate personal itemized deductions. 13. Create an income tax return for individuals with itemized deductions (manually and with software). 14. Demonstrate an understanding of taxation for self-employment income and allowable deductions against income. 15. Calculate self-employment net income or loss and self-employment tax. 16. Create an income tax return for individuals with self-employment income or loss (manually and with software). 17. Compute depreciation and amortization under allowable tax methods. 18. Determine rental activities under various situations. 19. Calculate rental income and allowable deductions against income. 20. Create an income tax return for individuals with rental income or loss (manually and with software.