Emphasizing a hands-on approach to tax education, every concept introduced in Fundamentals of Taxation includes meaningful exercises that allow students to reinforce what they are learning. This book is designed to not only expose beginning tax students to tax law, but to also teach the practical intricacies involved in the preparation of a tax return.
To train tomorrow’s tax preparers to handle the complex U.S. tax law, Fundamentals of Taxation’s author team has devised four primary teaching advantages:
Updated text for new tax rate schedules and tax tables as well as permitted deductions from income. Updated text for new social security limit.
Revised the exemption amounts for the dependency deduction and the standard deduction to reflect applicable inflation-adjustments.
Changed the maximum deduction and phase out ranges for employer-provided adoption assistance. Included updated inflation-adjusted phase out amounts for interest income exclusion for savings bonds.
Revised the limits for Health Savings Accounts (HSAs) The phase out limits for student loan interest were updated. Moving expense mileage rates were revised. Expanded coverage of the educator expense deduction.
Appendix A: Amended Tax Returns (Form 1040X)
Appendix B: Comprehensive Problems
Appendix C: Concept Check Answers
Appendix D: IRS Tax Tables
Appendix E: IRS Tax Forms
Appendix F: 2016 Federal Income Tax Information
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