Monday, June 28, 2010

Federal Income Tax

Today I studied Federal Income Tax.  What I found was that I really, really enjoyed studying this subject. I did not take it in law school.  I thought about it for a moment, but the teacher got such horrible reviews from students I talked to that took him, that I decided not too.  I can say after studying it in Barbri and Ameribar, that I don't think a whole semester is needed.  They are just testing basic concepts that I already knew and understood.  The differences tax wise, briefly, of S and C corps, alimony is taxable to the recipient, but a deduction to the payor, child support has no tax consequences, those kinds of things.  Anyone that has ever filed a personal tax return, or worked in a business on tax issues, probably possesses the knowledge needed.

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