Tax - Basic Federal Income Taxation

This lesson explores those costs that qualify as § 162 education expenses.

This lesson guides users through the effects of below market loans on calculating income and/or deductions. Questions consider the application of Internal Revenue Code § 7872.

This lesson introduces the reader to the regulations concerning deductions for business travel expenses, including Internal Revenue Code section 162.

This lesson will introduce users to the ways in which deductions can be taken for interest payments. Questions cover Internal Revenue Code section 163.

This lesson will cover business deductions, such as reasonable compensation, parachute payments, miscellaneous deductions,and business losses. Several Internal Revenue Code sections are reviewed, including 162 and 274.

This lesson will demonstrate the ways in which taxes paid may be deducted under Section 164 of the Tax Code and related regulations.

This lesson will guide users through the types of expenses that can be deducted as business or trade costs, including cost of repairs versus capital expenditures.

This lesson will focus on Section 83(a)-(b) of the Internal Revenue Code, property transferred in connection with the performance of services, with practice questions.

This lesson will cover the exemptions provided in Section 135 of the Tax Code, specifically the exclusion of interest on certain United States Savings Bonds used to pay higher education tuition and fees.

This lesson guides students through the calculation of income tax from indirect transfers of service and other forms of compensation.

This lesson will guide users to understand those expenses that qualify under the designation of a scholarship, and regulations concerning exclusions, prizes, and other income for students. Questions review your understanding of Internal Revenue Code section 117.

This lesson will provide users with scenarios in applying regulations concerning the exclusion of gifts, prizes, and related income from gross income calculations. Questions review Internal Revenue Code section 102.

This lesson will guide students through the claim of right doctrine and tips for avoiding common mistakes in claiming income, payments, and repayments.

This lesson will introduce users to the procedure to account for medical expenses, accidents, and proper deductions for medical insurance. Questions cover Internal Revenue Code sections 104, 105, and 106.

This lesson will guide students in the proper calculations concerning the taxation of annuities and life insurance payments. Questions cover Internal Revenue Code section 72 and other related sections.

This lesson will introduce users to regulations concerning employment connected payments, including fringe benefits, meals and lodging, unemployment compensation and Social Security benefits. The questions cover Internal Revenue Code section 132 and others.

This lesson will guide the user through a series of questions and answers to illustrate the basics of gross income and realization concepts. The lesson reviews your understanding of Internal Revenue Code section 61, among others.