Unit 10 Final Assignment

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1. Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world. A few important concepts that this course covered are gross income inclusions, gross income exclusions, deductions and losses, and itemized deductions. The ones I believe have made me a stronger citizen in general are employee expenses and deferred compensation, itemized deductions and capital gains and losses. Capital gains and losses are important to understand because it can directly affect and individual or a business adjusted gross income. Being able to understand gross income inclusions and exclusions is also important. This information is important because it is needed to determine the tax payer’s taxable income. Knowing the difference between a cash and accrual methods of accounting is also important when entering the business world because the year the tax payer’s income is taxed depends on the accounting method they use. Before this class, I did not know how to calculate AGI or hoe to determine whether an item was a considered as taxable and able to be claimed as an itemized deduction. I was not aware of the 2% cap also. 2. Discuss how this course has affected you in your professional development as a student and as a person as well as encouraging you on your academic path. I am in a unique academic situation where I am in school for both career reasons and for personal knowledge; I am learning a lot and taking away even more. My personal endeavors are being directed towards a career in the field of accounting. I am currently pursuing an AAS in Accounting. This federal taxation course, along with many of the Kaplan courses has helped me understand more about the world of business and federal

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