Summary of Income Tax Fundamentals 2021

Income Tax Fundamentals 2021 is a comprehensive guide to the fundamentals of U.S. federal income taxation. This book provides an accessible introduction to the concepts and rules of federal income tax law, with an emphasis on the taxation of individuals. It covers filing requirements, deductions and credits, the taxation of different types of income, the Alternative Minimum Tax, and special tax rules for self-employed individuals. Additionally, the book provides a thorough explanation of the tax planning process and the role of tax professionals. Finally, the book includes examples and practice problems to help the reader better understand the material.