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Sep 07, 2024
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ACCT 303 - Tax Planning for Personal Finance Description: Examines the topic of income tax planning and forecasting for individual clients and small business owners. Uses a case study approach to integrate the material and apply it to personal financial planning situations. Emphasizes the evaluation of financial alternatives.
Prerequisites: Prerequisite: a grade of C or higher in ACCT 251 or ACCT 301.
Credits: (5)
Learner Outcomes: Upon successful completion of this course, the student will be able to:
- Compare and contrast the fundamental components of the income tax system including filing forms, filing status, income, exemptions, exclusions, deductions, adjustments, credits, and tax rates.
- Explain how a progressive income tax system works and contrast it with other tax systems
- Differentiate between the organizational form and the tax treatment of income, expenses, payroll and wage taxes for sole proprietorships, partnerships, LLPs, LLCs, S- corps and C-corps.
- Explain the basic income tax compliance rules for trusts and estates including when a return is required and how it is filed.
- Contrast the trust and estate income tax rules with personal income tax rules.
- Explain how a client will report income and appropriate deductions from a trust or estate on his income tax return.
- Differentiate between tax avoidance and tax evasion.
- Identify income shifting techniques (transfer and timing) and explain how income shifting benefits a taxpayer.
- Compare the cash flow impact of receiving tax- exempt or tax-sheltered income to taxable income.
- Explain how deduction clustering results in a lower tax liability.
- Distinguish between different investment strategies that can be used to manage tax liability; e.g., tax loss harvesting, bond swaps, etc.
- Differentiate between the taxation of capital gains and ordinary income, including the difference in applicable tax rates.
- Explain the special rules regarding capital gains and losses on a principal residence.
- Explain the tax implications of supporting an elderly parent or adult child.
- Select the appropriate credit/deduction to use for post-secondary education costs.
Learner Outcomes Approval Date: 1/18/18
Anticipated Course Offering Terms and Locations:
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