Basic Individual Taxation Course

After attending this presentation, you will be able to…

• Identify how the federal income tax differs from other types of federal taxes
• Determine the steps in computing a taxpayer’s federal income tax liability
• Differentiate tax consequences for terms commonly used for the federal income tax, such as “adjusted gross income,” “qualifying child,” “tax credits,” “filing status,” and “kiddie tax”
• Recognize how an individual’s standard deduction is determined
• Indicate differences in the tax for ordinary income, capital gains, and qualified dividend income
• Recall the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
• Identify deadlines for filing income tax returns and estimated taxes and how to obtain an extension of time for filing a return