Weekly Student Guide
Week One Student Guide
This week introduces you to the basics of personal financial planning. You prepare a personal budget, balance sheet, and statement of cash flows.
This week also introduces you to the sources of federal tax law. You review what constitutes substantial authority and the precedential value of the sources of tax law. This will help you determine the relative weight of the sources of tax law and whether you can take a particular deduction on the tax return or whether an amount is reportable as income.
You also begin studying what determines taxable income, including the basic components of the tax formula: income, gains and losses, filing status, standard deductions, itemized deductions, personal exemptions, and dependency exemptions.
Overview of the Tax System and Sources of Tax Law
OBJECTIVE: Prepare in proper form a personal balance sheet, cash flow statement, and budget.
Resource: Ch. 3 of Personal Finance
Content
• Ch. 3: Money Management Strategy – Financial Statements and Budgeting
o Planning for Successful Money Management
o A System for Personal Financial Records
o Personal Financial Statements Measure Financial Progress
o Budgeting for Skilled Money Management
o Money Management and Achieving Financial Goals
OBJECTIVE: Determine the components of taxable income.
Resources: Ch. 1 & 4 of Taxation of Individuals and Business Entities
• Ch. 1: An Introduction to Tax
o Who Cares About Taxes and Why?
o What Qualifies as a Tax?
o How to Calculate a Tax
o Different Ways to Measure Tax Rates
o Tax Rate Structures
• Ch. 4: Individual Income Tax Overview
o The Individual Income Tax Formula
o Personal and Dependency Exemptions
o Filing Status
o Summary of Income Tax Formula
o Conclusion
OBJECTIVE: Evaluate the relative weights of tax law sources.
Resources: Ch. 2 & 3 of Taxation of Individuals and Business Entities
Content
• Ch. 2: Tax Compliance, the IRS, and Tax Authorities
o Taxpayer Filing Requirements
o IRS Audit Selection
o Tax Law Sources
o Tax Research
o Tax Professional Responsibilities
o Taxpayer and Tax Practitioner Penalties
o Conclusion
• Ch. 3: Tax Planning Strategies and Related Limitations
o Income Shifting Strategies
o Conversion Strategies
o Additional Limitations to Tax Planning Strategies: Judicial Doctrines
o Tax Avoidance Versus Tax Evasion
o Conclusion
Note. The information above is intended to help you complete your assignments. Read chapters in their entirety, as indicated in the syllabus. Additional information from sections not outlined above may be needed for classroom discussions.
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