Describe any experience you have in preparing individual tax returns, and relate your experience to the content you have read so far in the required resources section of this module.

In this discussion, you will share with your peers your understanding and experience with taxes and tax preparation. You will also engage with your classmates to get to know them and their experience. As you engage in this discussion, remember to leave out personal details of your taxes as every individual tax situation (and circumstances) is different.Describe any experience you have in preparing individual tax returns, and relate your experience to the content you have read so far in the required resources section of this module. (Pay particular attention to the sample tax forms.) If you are working as well as attending school, describe the industry you are working in or, if you are a full-time student, describe what your college major is at SNHU. Identify what excites you about the content of the course. What concerns do you have about the content of this course?In responding to your peers, comment on the posts of two different peers who either have a different major or are in a different industry than you. Comment on whether you share their concern about the course content. Why or why not? Do you share a similar tax preparation experience as your peer?Course Material :South-Western Federal Taxation 2020: Comprehensive (with CengageNOWv2 access code)William H. Hoffman Jr., David M. Maloney, William A. Raabe, and James C. YoungCengage Learning43rd Edition2020SKU #: 2316351Little bit about myself: I’m a full time student at Snhu, I have transferred from Westcon university and this is my second year in this university, this is my senior year. My major is business administration concentrated with accounting and minor degree is project management. You may provide as many sources as needed. Required ResourcesTextbook: South-Western Federal Taxation 2020: Comprehensive, Chapters 1–3Chapter 1 provides a generous amount of background information on how federal tax law is set and maintained in the United States. Chapter 2 will help to improve your research skills to better prepare you to research and apply tax law, both in this course and in the real world. Finally, Chapter 3 lays the foundation for understanding the federal income tax formula and how to compute taxable income.Concept Summary 3.1 found in the Chapter 3 introduction provides the tax formulas for individuals. This formula provides a framework for applying federal income tax to individual taxpayers and will be utilized throughout this course.As you read through the text, reflect on the following:What is federal taxation, and why is it important?How do you compute taxable income, and how is the federal income tax formula applied?What changes have been seen in tax law over time? What changes are on the horizon?What is the tax practitioner’s role as it relates to the federal income tax return for an individual?What tax law resources are described in Chapter 2, and how could you as a tax professional use them?Click the South-Western Federal Taxation 2020: Comprehensive eText link in this module to access this resource.Textbook: South-Western Federal Taxation 2020: Comprehensive, Appendix B (Form 1040 U.S. Individual Income Tax Return)Form 1040 is the form used to file an individual income tax return. This tax return form is similar to the one you will see in your Final Project Two. This form is blank but will be completed with information relating to the individual’s income and expenses for the tax year.Click the South-Western Federal Taxation 2020: Comprehensive eText link in this module to access this resource.2018 Sample Tax Forms and 2018 Sample Form 1040These documents include common income tax forms you will see in the real world. Also included are a few other tax-related forms required for certain credits or deductions that will be discussed in further detail in subsequent modules in this course. Reviewing these tax forms will support your discussion this week.Consider the following questions as you read:While reviewing the sample tax forms, are any familiar to you already?If the form is unfamiliar to you, can you think of when an individual might receive the specific type of form and/or what it represents?Optional:Video: Filing Status (1:54)Captioned video hereThis video outlines the five tax filing statuses and on what date a tax filing status is determined. As you watch the video, reflect on the following:How do you think you could best determine a taxpayer’s correct filing status?What references would you use to determine the most appropriate filing status for an individual?Blog: Taxation in the Real World BlogStaying current on relevant changes in the tax and accounting field is an important part of an accountant’s career. It is important to find resources which help to provide up-to-date information and current news relating to the tax and accounting field to aid in this process. This tax blog, provided by our textbook publisher, Cengage, includes current articles updated on an ongoing basis.Resource: Tax Reform Basics for Individuals This resource provides an overview of the changes that resulted from the passing of the Tax Cuts and Jobs Act, also known as the TCJA, specifically for individual taxpayers. Review the areas in orange which read “this means that . . . ” as they help to reiterate the importance of the change being discussed.Video Youtube: https://www.youtube.com/watch?v=iuhjG_PGch0&feature=youtu.behttps://blog.cengage.com/https://learn.snhu.edu/content/enforced/468251-ACC-330-R6177-OL-TRAD-UG.20EW6/Course%20Documents/ACC%20330%20Tax%20Reform%20Basics%20for%20Individuals.pdf?_&d2lSessionVal=JOVicEoqCyj47Y7jOGGy0jXlb&ou=468251