BUS 1133 - Introduction To Income Taxes

3 Credits

Introduction to federal income taxation with special emphasis on tax rules and conventions, preparing tax forms for individuals, and tax planning. An introduction to corporate taxation concepts will also be discussed. This course is designed for individuals from all disciplines regardless of major. No business or accounting experience is required.

Course Availability: Offered Fall Semester Only

Course Level Objectives
Upon successful completion of this course the student will be able to:

1. Prepare and review basic tax returns of individual tax payers. (PLO 1, 2, 3, 4, 5, 6)
2. Employ the components of the federal income tax formula. (PLO 1, 4, 6)
3. Determine appropriate inclusions and exclusions to gross income. (PLO 1, 4, 6)
4. Choose proper adjustments “for” adjusted gross income. (PLO 1, 3, 4, 6)
5. Demonstrate proper treatment for itemized deductions. (PLO 1, 4, 6)
6. Compute self-employed business income. (PLO 1, 4, 6)
7. Determine income from rental property, royalties and flow through entities. (PLO 1, 4, 6)
8. Apply appropriate tax credits for individual tax payers. (PLO 1, 4, 6)