1. History and Objective of the Tax System
2. Reporting and Taxable Entities
3. The Tax Formula for Individuals
4. Who Must File and Where to File
5. Filing Status and Tax Computation
6. Personal and Dependency Exemptions
7. The Standard Deduction
8. Limitation on Total Itemized Deductions
9. A Brief Overview of Capital Gains and Losses
10.Tax and the Internet
11.Electronic Filing (e-filing)
Chapter 2: Gross Income and Exclusions
1. The Nature of Gross Income
2. Interest and Dividend Income
3. Alimony
4. Prizes and Awards
5. Annuities
6. Life Insurance
7. Gifts and Inheritances
8. Scholarships
9. Accident and Health Insurance
10.Meals and Lodging
11.Municipal Bond Interest
12.Social Security Benefits
13.Unemployment Compensation
14.Employee Fringe Benefits
Chapter 3: Business Expenses and Retirement Plans
1. Rental Income and Expense.
2. Passive Loss Limitations
3. Bad Debt
4. Inventories
5. Net Operating Loss
6. Individual Retirement Accounts
7. Keogh (H.R.10) Plans and Simplified employee pensions
8. Qualified Retirement Plans Including Section 401 (k) Plans
9. Rollovers
10. SIMPLE Plans
Chapter 4: Self Employed and Employee Expenses
1. Classification of Deductions
2. Travel Expenses
3. Transportation
4. Office in the home
5. Entertainment
6. Educational Expenses
7. Dues, Subscriptions and Publications
8. Special Clothing and Uniforms
9. Business Gifts
10. Schedule C
Chapter 5: Itemized Deductions and Other Incentives
1. Medical Expenses
2. Taxes
3. Interest
4. Contributions
5. Casualty and Theft Losses.
6. Miscellaneous Deductions
7. Moving Expenses
8. Hobby Losses
9. Educational Incentives
Chapter 6: Credits and Special Taxes
1. Child Tax Credit
2. Earned Income Credit
3. Child and Dependent Care Credit
4. Education Tax Credits
5. Foreign Tax Credits
6. Adoption Expenses
7. Temporary Energy Credits – 2006 and 2007
8. The Individual Alternative Minimum Tax (AMT)
9. Unearned Income of Minor Children
10. Community Property
Chapter 7: Accounting Periods and Methods of Depreciation
1. Accounting Periods
2. Accounting Methods
3. Depreciation
4. Modified Accelerated Cost Recovery System (MACRS)
5. Election to Expense
6. Listed Property
7. Limitation on Depreciation of Luxury Automobiles
8. Intangibles
9. Related Parties ( Section 267)
Chapter 8: Capital Gains and Losses
1. What is a Capital Asset?
2. Holding Period
3. Calculation of Gain or Loss
4. Net Capital Gains
5. Net Capital Losses
6. Section 1231 Gains and Losses
7. Depreciation Recapture
8. Capital Gains and Casualty Gains and Losses
9. Installment Sales
10.Like-Kind Exchanges
11.Involuntary Conversions
12. Sale of a Personal Residence
Chapter 9: Withholding, Estimated Payments, and Payroll Taxes
1. Withholding Methods
2. Estimated Payments
3. The FICA Tax
4. Federal Tax Deposit System
5. Employer Reporting Requirements
6. Self-Employment Tax
7. The FUTA Tax
8. The Nanny Tax
Chapter10: Partnership Taxation
1. Nature of Partnership Taxation
2. Partnership Formation
3. Partnership Income Reporting
4. Current Distributions and Guaranteed Payments
5. Tax Years
6. Transactions between Partners and the Partnership
7. The At-Risk Rule
8. Limited Liability Companies
Chapter 11: The Corporate Income Tax
1. Corporate Tax Rates
2. Corporate Capital Gains and Losses
3. Special Deductions and Limitations
4. Schedule M-1
5. Filing Requirements and Estimated Tax
6. S Corporations
7. Corporation Formation
8. Corporate Accumulations
9. The Corporate Alternative Minimum Tax
Chapter 12: Tax Administration and Tax Planning
1. The Internal Revenue Service
2. The Audit Process
3. Interest and Penalties
4. Statute of Limitations
5. Preparers, Proof, and Privilege
6. The Tax Payer Bill of Rights
7. Tax Planning
