NOTE: The information in this course applies only to the United States.
- Determine the most advantageous tax treatment of credits and deductions.
- Explore the history of certain tax breaks.
- Identify the reasons for including personal information on a federal tax return.
- Define the most beneficial method to shift income from one pocket to the other for income tax purposes.
- Examine the ways to avoid the double taxation on corporate income.
- Explain legal issues involved in hiding income from taxing authorities.
Skill Level Beginner
- Hi, I'm Jim Stice. I'm a professor of accounting at Brigham Young University. at Brigham Young University. This is my brother Kay. - I'm also a professor of accounting at Brigham Young University. - Now, as accounting professors, we love everything about numbers and accounting. about numbers and accounting. - Yeah, and even includes income taxes. Now, so I confess sometimes I complain when I'm figuring out I confess sometimes Icomplain when I'm figuring out my own income taxes every year. my own income taxes every year. - Yes you do complain every year about paying your taxes about paying your taxes,but you have to admit but you have to admit that we both enjoy the theory that we both enjoy the theory and practice and practice of income tax, computation and reporting. of income tax computation and reporting.
- You're right. Now before taking this income tax course, you might consider taking our accounting fundamentals course. course, that course introducesyou to all the major That course introduces you to all the major areas of accounting. areas of accounting. With that said, we've designed this income tax fundamentals course to be self contained Income Tax Fundamentalscourse to be self contained, and we carefully explain any terminology that we use. that we use. - In short, this is an introductory course - In short, this is an introductory course with no prior income tax or accounting knowledge necessary. - Now what will we discuss about income taxes? Well, we're going to learn about tax rates, tax brackets, tax deductions and tax credit.
- [Kay] We'll also learn about tax loopholes, governmental tax policy,and the basic principles governmental tax policy and the basic principles of tax planning. of tax planning. - [Jim] We will also have a little practice preparing a simple income tax form and we will make sure that you know the difference that you know the differencebetween legal tax planning between legal tax planning and illegal tax evasion. and illegal tax evasion. - [Kay] And we'll look at important income tax issues associated with operating a small business. - There are lots of taxes out there. Sales tax, property taxes and payroll taxes to name just three and income taxes are required payment to a government based on the amount of a person's income or a corporations profit.
or a corporation's profit. - At some point in our lives, we all pay income taxes. Let's learn about the fundamentals of income taxes.