Learning the Fundamentals of Federal Income Taxes

Carmen Rachal

Current Degree: Associates of Applied Science; Accounting.

Federal Income Taxes (ACCT 131) Johnson County Community College

This course teaches the student federal income tax rules and procedures for reporting federal
income tax. Upon completion of this course, the student should be able to do short and
long‐range tax planning and keep records that will provide appropriate information for use in
preparing federal income tax. The student should also be able to prepare the standard federal
income tax return. (3 credits)

Concrete Experience

Pursuing my AAS in Accoutnting at Johnson County Community College (JCCC) was the major catylast in taking this class in Federal Income Taxes. I took this course in the Spring semester of 2008. My experiences with filing taxes in the past helped me gain a greater understanding of how to utilize the lessons learned to benefit myself going forward.

Reflective Observation

In this course I observed how complex federal income taxes actually are. Tax rules and procedures, short and long term tax planning and record keeping can be confusing due to there are so many different avenues that can be pursued in filing. As the class progressed and I began to comprhend more of the ins and outs I started to see how this new information could be benefical to me. Not only to boost my currnet income, but to help defer tax burdens in the future. As well as havng a firm knowledge as to how to be prepared.

Abstract Conceptualization

In researching tax planning as well as record keeping I have found many experts strongly encourage becoming organized and prepared. Also using the tax code to your benefit, not only to boost income, but it can be used to pursue a cause. Such as campaining for changes in tax code that would benefit the environment.

Active Experimentation

The lessons that have been taken away from this class have been greatly useful in my life. I have used my knowledge to help mitigate a large tax burden. By researching tax credit and deductions I have been able to plan to reduce the amount I would have paid into the IRS. Each year when my taxes are filed I also make my tax plan for the coming year. I try to forecast what I may pay into the IRS or what I may receive from the IRS. Then I use the knowledge I have learned from this course, as well as research for the current year, to decide what type of deductions and credits will benefit me the most