BA 256 Income Tax 1

Lecture Hours: 4
Credits: 4

Presents the first of two courses in preparing Federal and Oregon individual income tax returns. Completing BA 256 and BA 257 meets the educational requirements to take the Oregon Licensed Tax Preparer’s exam and the IRS Registered Tax Return Preparer exam.

Student Learning Outcomes:

Explain basic Federal Individual tax law and related structures.
Determine filing status and identify those individuals who must file a return.
Describe individual income tax structure.
Calculate Federal tax liability.
Prepare Individual Federal tax returns using tax software.

Content Outline

Overview of Individual Income Tax Structure
- Personal and dependent exemptions
- Filing requirement and filing
- Filing date
- Forms 1040 and 40 overview
Gross Income
- Concepts,
- Inclusions,
- Exclusions
Business Expenses
Retirement Plans
Self-Employed Expenses
Employee Expenses
Itemized Deductions and Common Adjustments
Credits and Special Taxes
Oregon - Full-Year