Upon successful completion of the course, students will be able to: list types of income that are subject to federal income taxation and those that are exempt; analyze when and to what extent unearned income (prizes, gifts, windfalls, etc.) are subject to income taxation; recognize the types of tax deferrals that might be available and advantageous to a particular client and discuss pros and cons of various forms of tax deferral; differentiate between cash method and accrual method in accounting and discuss tax ramifications of both; explain differences between various types of retirement accounts and tax features of each; outline types of individual personal income tax deductions, business income tax deductions and deductions for individuals running the business; analyze how and to what extent a mixed personal and business expense may be eligible for an income tax deduction; research and find the income tax rates for trusts and analyze various options for reducing a trust's income tax burden; compare and contrast grantor and non-grantor trusts and the importance of each; outline the method of determining long and short-term capital gains tax liability; and assist in the preparation of Form 1040-Individual Income Tax Return as well as other important tax forms such Form 1041 (Fiduciary Income Tax Return) and extensions and administrative forms.