Learn what you need to know before filing your personal or professional tax return, and get tips on tax planning.
- Hi, I'm Jim Stice. I'm a professor of accounting at Brigham Young University. This is my brother Kay. - I'm also a professor of accounting at Brigham Young University. As accounting professors, we love everything about numbers and accounting. - Yes, that even includes income taxes. Now I confess that sometimes I complain when I'm figuring out my own income taxes each year. - Yes, once a year you do complain about paying your taxes. But you have to admit that we both enjoy the theory and practice of income tax computation and reporting. - You're right. Now, before taking this income tax course you might consider taking our accounting fundamentals course.
That course introduces you to the major areas of accounting. - Now with that said, we've designed this income tax fundamentals course to be self-contained. And we carefully explain any terminology that we use. - In short this is an introductory course. With not prior income tax or accounting knowledge necessary. - [Jim] What will we discuss about income taxes? Well we'll talk about tax rates, tax brackets, tax deductions, and tax credits. - [Kay] We will also discuss tax loopholes, governmental tax policy, and the basic principals of tax planning.
We will also have a little practice preparing a simple income tax form. And we'll make sure and look at the difference between legal tax planning and illegal tax evasion. - [Kay] And we will look at important income tax issues associated with operating a small business. - [Jim] Now there are lots of taxes out there. Sales tax, property tax, payroll tax to name just three. And income tax is a required payment to a government, based on the amount of a person's income or a company's profit. - At some point in our lives, we all pay income taxes.
Let's get started with income tax fundamentals. - Let's go.
This is a self-contained introductory course to income tax, but if you'd like more information about accounting in general, check out the Stices' foundational course, Accounting Fundamentals.
NOTE: The information in this course applies only to the United States.
- The history of income tax
- Tax brackets, rates, deductions, and credits
- Completing a basic tax return (1040A)
- Tax planning
- Shifting income
- Understanding corporate income taxes
- Avoiding tax-evasion schemes
- Tax issues for small businesses