Welcome to Module 5

It's been about 5 weeks since we started the semester and have covered a lot of material. In addition to the assignments for this week you should start reviewing the previous chapters to be prepared for the mid-term coming up the week of 2/21. That exam will cover Chapters 1 - 6. I will also be scheduling an optional class via ZOOM that you can join where we can discuss just about anything from our studies to the application of what you're learning to your current or future career. While quizzes, exams, assignments are all open book keep in mind that you need to "understand" what's in the text. You don't have to memorize but you do have to know how to utilize the knowledge you have gained. For example, I might have someone approach me and ask for advice on what's the best filing status for them. I may not know off the top of my head but I should recall that there are tax tables that I can look at and see the relative requirements and impact of each status.

This week's reading addresses Self-Employed Business Income. Most of us probably have no idea of what this means until we take this or similar courses. It is a topic that is good for you to understand both from a perspective of what you face as a prospective employer or if you ultimately become an accountant in either public accounting or for a business. I recommend paying special attention to the subjects of depreciation and calculating self-employment taxes.

Module Learning Outcomes

Upon successful completion of this module, you will be able to:

CLO 1. Describe the U.S. income tax system.

CLO 2. Identify taxable entities

CLO 4. Understand accounting periods and accounting methods

CLO 5. Define the various types of tax reporting and returns

(CLO = Course Learning Outcome)

To Do

Please read/watch all of the module learning materials (readings, presentations, videos, etc.) and complete all assignments/assessments listed below. If you have questions, please contact the course instructor or ask in the Questions About This Course forum.

Read Chapter 6 - Self-Employed Business Income (Line 3 of Schedule 1 and Schedule C)

Readings and Presentations:

Reading Chapter 6
Presentation - PowerPoint of Chapter 6. Cruz_17e_Ch006_PPT_Accessible.pptx

Assignments/Assessments:

Discussion Board - See "Discussions" in Canvas.
Assignment - See "Assignments" in Canvas.

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