ACCT 323 Federal Taxation I

Federal Taxation 1 is a comprehensive course designed for students aspiring to master the intricacies of the U.S. federal taxation system, particularly focusing on individual income tax returns. Through a detailed exploration of the most current federal tax materials, this course equips students with the practical skills needed to accurately prepare individual income tax returns. Emphasizing real-world application, the curriculum covers the preparation process from start to finish, including the use and understanding of changes in Tax Codes from previous years, and the application of specific sections of the Internal Revenue Code. Students will gain hands-on experience, ensuring they are well-prepared to navigate the complexities of the federal tax system.

Beyond tax return preparation, the course delves into broader tax concepts crucial for comprehensive tax planning and management. Students will learn to identify gross income, understand the various deductions available for and from adjusted gross income, and navigate the taxation of property transactions. This thorough examination aids in calculating an individual’s taxes payable for a given year. By the conclusion of the course, students will not only be proficient in preparing an individual income tax form for the current year but will also possess a deepened understanding of federal taxation that supports informed decision-making and effective tax strategy development.