This course focuses on transforming accounting income into taxable income by identifying key differences and performing necessary adjustments. Participants will gain practical skills in distinguishing between non-deductible expenses and exempt income, ensuring accurate tax reporting and compliance.
Understanding Accounting vs. Taxable Income
- Learn the differences between accounting and taxable income.
- Identify income recognition discrepancies and key adjustments required for tax purposes.
Identifying and Adjusting Non-Deductible Expenses
- Recognize expenses that cannot be deducted for tax calculations.
- Apply tax rules to correctly handle exempt income and ensure compliance.
Applying Adjustments in Real Scenarios
- Use financial statements to locate and classify taxable vs. non-taxable items.
- Implement proper documentation and compliance strategies for tax reporting.
By the end of this course, you will be equipped to make precise adjustments in tax calculations, ensuring compliance and accuracy in tax reporting.
