- Hi, I'm Jim Stice.
I'm a professor of accounting at Brigham Young University.
at Brigham Young University.
This is my brother Kay.
- I'm also a professor of accounting
at Brigham Young University.
- Now, as accounting professors,
we love everything about numbers and accounting.
about numbers and accounting.
- Yeah, and even includes income taxes.
Now, so I confess sometimes I complain when I'm figuring out
I confess sometimes Icomplain when I'm figuring
out my own income taxes every year.
my own income taxes every year.
- Yes you do complain every year about paying your taxes
about paying your taxes,but you have to admit
but you have to admit that we both enjoy the theory
that we both enjoy the theory and practice
and practice of income tax, computation and reporting.
of income tax computation and reporting.
- You're right.
Now before taking this income tax course,
you might consider taking
our accounting fundamentals course.
course, that course introducesyou to all the major
That course introduces you
to all the major areas of accounting.
areas of accounting.
With that said, we've designed
this income tax fundamentals course to be self contained
Income Tax Fundamentalscourse to be self contained,
and we carefully explain any terminology that we use.
that we use.
- In short, this is an introductory course
with no prior income tax or accounting knowledge necessary.
- Now what will we discuss about income taxes?
Well, we're going to learn about tax rates,
tax brackets, tax deductions and tax credit.
- [Kay] We'll also learn about tax loopholes,
governmental tax policy,and the basic principles
governmental tax policy
and the basic principles of tax planning.
of tax planning.
- [Jim] We will also have a little practice preparing
a simple income tax form
and we will make sure that you know the difference
that you know the differencebetween legal tax planning
between legal tax planning and illegal tax evasion.
and illegal tax evasion.
- [Kay] And we'll look at important income tax issues
associated with operating a small business.
- There are lots of taxes out there.
Sales tax, property taxes and payroll taxes
to name just three
and income taxes are required payment
to a government based on the amount
of a person's income or a corporations profit.
or a corporation's profit.
- At some point in our lives, we all pay income taxes.
Let's learn about the fundamentals of income taxes.