Individual Returns, Deductions & Business Tax

Master US federal income tax for individuals and businesses. Calculate AGI, choose standard vs itemized deductions, and complete Schedules A, B, C, D, E, and SE — using exact 2024 tax rates.

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Theory: 2024 US Tax Accounting

13 topics covering the complete individual and business tax return, 2024 rates, all schedules, and deferred tax accounting.

Taxes fund government services — roads, schools, the military, Social Security, and Medicare. The US has a three-level system: Federal (administered by the IRS), State, and Local taxes.

Progressive Tax System

The US uses a marginal (progressive) rate system. Higher income is taxed at higher rates — but only the income within each bracket is taxed at that rate. Lower income is not all taxed at the top rate.

Example: A single filer earning $60,000 pays 10% on the first $11,600, 12% on the next $35,550, and 22% on the remaining portion — not 22% on everything.

Tax Accounting vs GAAP

Cash basis allowed for small businesses (GAAP requires accrual)
MACRS depreciation for tax (accelerated vs straight-line for GAAP)
Different expense timing creates deferred taxes on GAAP statements
Revenue recognition differs (installment sales, completed contracts)

Why Study Tax Accounting?

Compliance: Filing accurate returns. Planning: Legal minimization of taxes (choosing deductions, timing income). Financial Accounting: Understanding deferred tax assets/liabilities that appear on corporate GAAP balance sheets (ASC 740).