Taxes are imposed on net income of individuals and corporations by the federal, most state, and some local governments. Citizens and residents are taxed on worldwide income and allowed a credit for foreign taxes. Income subject to tax is determined under tax accounting rules, not financial accounting principles, and includes almost all income from whatever source. Most business expenses reduce taxable income, though limits apply to a few expenses. Individuals are permitted to reduce taxable income by personal allowances and certain non-business expenses. This course covers an overview of income tax concept and sources of taxable income. The primary concern of this course is on the calculation of individual tax liability including business income. The second part of this course covers tax implications on property transactions and followed by tax compliance and tax planning.