Coding for Analysis ▸
Syracuse University micro-credential*
Intro to Data Decision-Making Using AI ▸
Syracuse University micro-credential*
Applied AI ▸
Syracuse University micro-credential*
Project Management ▸
Syracuse University micro-credential*
*A focused credential that demonstrates mastery in a specific skill.
Instructor
Michelle Staebell, CPA
mstaebell@golisanoinstitute.org
Taxation
All students will learn the basics of individual and business taxation. Some students will participate in the IRS VITA (Volunteer Income Tax Assistance) Program where they will prepare individual tax returns for low-income and elderly taxpayers. Some students will focus on business taxation and develop skills in tax-related requirements of various entities. Students can opt to participate in both the individual-VITA and the business-focused course.
Core Topics
- Overview of the U.S. tax system: purpose, structure, and levels of taxation.
- Tax Filing Basics: tax year and filing deadlines, filing statuses and overview of tax brackets and progressive tax rates.
- Gross Income Inclusions and exclusion: Defining gross income, common types of taxable income and types of income excluded from taxation.
- Deductions & Adjustments to Income: Above the line deductions and standard deduction vs. itemized deductions.
- Tax Credits and Special Provisions: Introduction to refundable vs. non-refundable credits and overview of other tax incentives.
- Business taxation: Tax obligations for self-employed individuals and small business including self-employment tax and estimated payments and basics of required tax forms and schedules.
- Case Studies in Taxation: Analyzing tax scenarios for taxpayers including common mistakes and how to avoid them and critical thinking in identifying appropriate tax treatments.
- Tax Planning: Introduction to tax planning strategies including common end-of-year planning considerations.
- Completing Tax Returns: Step-by-step walkthrough of Form 1040 with overview of key schedules.
Learning Outcomes and Career Relevance
By the end of the course, students will be able to have a basic understanding of the following:
- Understanding Tax Systems: Explain the fundamental principles and structure of the federal income tax system, including key concepts like tax brackets, filing statuses, and taxable income.
- Income Determination: Identify and calculate gross income, exclusions, and deductions for in compliance with current tax laws.
- Filing Requirements: Prepare basic income tax returns and demonstrate an understanding of common forms, schedules, and attachments.
- Critical Thinking and Analysis: Apply tax concepts to analyze case studies or hypothetical scenarios, ensuring accurate and compliant solutions.