Tax and tax planning

Abstract

This text focuses on the personal tax return preparation process and the variables involved, such as incomes, deductions, tax credits, losses, tax amount, etc. and how they each impact the tax return. Learners will also understand the administration of the income tax system. This text aims to provide learners with additional study resources as they are introduced to taxation. This text will provide students with simple explanations of complex tax principles, most of which have been reproduced by learners as they understand the concepts.

The text captures details that prepare the learner to understand the personal tax return process and the variables involved, such as incomes, deductions, tax credits, losses, tax amount, etc. and how they each impact the tax return. Learners will also understand the administration of the income tax system. Although the emphasis is on the personal tax process, learners will explore corporate tax and the benefits and implications to the individuals who are owners of the corporation.