Taking This Federal Taxation Class Has Given Me A Comprehens

Taking This Federal Taxation Class Has Given Me A Comprehensive Unders

Taking this Federal Taxation class has given me a comprehensive understanding of the complex tax laws and regulations that govern the United States. Although the course only basically covered Form 1040, there was a lot of information to be retained! I have developed a solid foundation in tax principles, learning how to navigate the ever-changing tax landscape and make informed decisions. I have gained practical skills in interpreting tax codes, preparing tax returns, and analyzing tax implications for individuals and businesses. Navigating the IRS website and the USCODES website was helpful for me.

Additionally, learning key concepts such as taxable income, deductions, credits, and tax incentives, and which ones are “above the line” and which ones are “below the line” will be helpful to me in my personal financial world. Strategizing over maximizing tax benefits and minimizing liabilities might come a little easier to me now. The hardest thing for me to understand was how much the IRS information changes and the way it is explained and distributed on the website. It felt like a crossword puzzle most of the time! I will most likely stay in the Non-profit Accounting world, so this class won’t affect my professional world, but I appreciate the information for my personal financial world.

Good Luck to everyone! Kathy MKTG 341 – Consumer Behavior MONTCLAIR STATE UNIVERSITY Feliciano School of Business Prof. Claira Zambon Versland MODULE 2 - DISCUSSION BOARD #1 ARTICLE: Are consumers getting less creeped out about being tracked online? By Tom Ryan April, 2021 While privacy concerns are certainly heightening amid legislation and calls for increased transparency, inhibitions about sharing information for a better online experience may be decreasing at an even faster pace. A recent survey of more than 5,000 global consumers from Cheetah Digital and Econsultancy shows many common online tracking practices to be considered only slightly more “creepy” than “cool.” These include: • Adverts on social media sites based on recent shopping experiences on other sites: 48 percent, “cool”; 52 percent, “creepy”; • An email reminder or advert about a product abandoned in an online shopping cart: 46 percent, “cool”; 54 percent, “creepy”; • Personalized offers after staying on a brand’s site for more than two minutes: 46 percent, “cool”; 54 percent, “creepy”; • A chatbot that has access to past purchase history to help with online shopping: 44 percent, “cool”; 56 percent, “creepy”. • One method accepted by the wide majority is offering recommendations based on past purchases: 73 percent, “cool”; 27 percent, “creepy.” Some practices considered by a wide majority as invasive, or “creepy,” include advertisements that follow them across devices, advertisements related to something they talked about near a smart device, and advertisements from companies they don’t know based on location data.

Surveys continue to show consumers are concerned about companies tracking their data but also wanting a higher level of personalization. A McKinsey study from 2019 found some 40 percent of U.S. consumers indicating they were not as concerned about the tracking and capturing of their content consumption, purchases, online searches or even usage of their opt-in wristbands (such as Fitbits). More invasive targeting actions were seen as algorithms having full-text access to emails, the use of facial recognition in physical stores and voice recognition devices listening in while connected in homes. Merkle’s second edition of its Consumer Experience Sentiment Report based on a survey of 1,300 U.S. consumers in March found the percentage of respondents who are uncomfortable sharing personal information, regardless of the benefit, decreased to 23 percent of respondents from 28 percent a year ago.

The feeling that personalization makes it easier to find products/services of interest rose to 49 percent from 47 percent. ARTICLE: Are consumers getting less creeped out about being tracked online? I have always said it’s so hard to figure out what you want to do when you grow up. I am 31 and still ask myself this daily! When you find something you love to do it helps your days and your life be brighter, but then what?

Is there more to it? Is there any advancement? Or would you just be ok with where you are now for the rest of my career? There are days when I ask myself these questions and I answer one way and other days that my answers changed from the last time I thought about it. I don’t necessarily think that I would prefer a career in relation to taxes, however, I will never say never.

I am big on trying to learn as much as I can in order to be an asset to a company. I love to learn and I love change, so taxes could be something that are in my future. Right now, I think my goal would be to move into a management position, possibly Accounts Payable Manager or Accounting Manager, and see where that takes me. That’s what I like to do most out of the tasks I currently have. Then after that, if my career advances, I would love to see a Controller position someday, however I don’t have my master’s degree and I don’t know at this point in my life if that is something I want to pursue.

There is so much to learn in accounting and at the start of my certificate program I had mentioned to my boss that I didn’t feel like I was learning anything because there is just SO much material and so many details. He said a lot of accounting knowledge is gained hands-on. You learned the things from a book, but once you put them into real life situations, it all starts to make sense. And so far, he is right. The position that appeals to me most in accounting, currently, is the Controller position.

There is still so much to learn, but at that point, your accounting knowledge is pretty fair, you oversee departments, and help them problem solve. You work on internal controls and make sure they are in place, as well as creating policies to help maintain consistency throughout the company; as well as making sure everything is being done correctly, per the auditors. Looking at the link provided, the position that appeals to me most would be the Management Services/Consulting Senior (6+ years). Again, going back to the Controller position, this position resembles a lot of the things our Controller is currently doing and those are all the things that I would be interested in learning and doing. I like my job best when it puts my mind to the test.

To go into work and do the same thing every single day out of repetition would bore me (not everyone, I understand that). I want to think. I want to problem solve. I took a class before this class that discussed budgeting and at first, I was like, “this is going to be awful,” but after learning and doing some projects, it was something that I really enjoyed doing and this position mentions “operational budgets.” There was a lot I didn’t know about taxes before I took this course. We don’t have children, but we do have a rental property.

So, all things child credit related, I was clueless about. I had no idea there were so many options as to what can be deducted and credited. I didn’t know there was an option between standard and itemized deductions, I didn’t realize all the things you could deduct on your Schedule A, and didn’t realize that there were caps on the deductions. I was literally clueless. With our rental property, we have learned a lot about taxes as to what we can deduct and how the rental income affects our income taxes.

There were a lot of things I took from this course, again because I was clueless on a lot of it. My mom has always done our taxes, so I never really took the time to learn the forms or understand what she was doing for us. Professionally, this could help me in my current position as we talk about sales tax and use tax often. There are times that the inside sales professionals add tax when they shouldn’t, or don’t add when they should, so it becomes a learning activity for all of us. This is actually something we just went over about 2 weeks ago. Personally, I will be able to understand our own personal taxes and make sense of what we are doing; specifically, when it comes to the deductions for our rental property. We will be able to better plan for those in order to get the most out of our deductions, legally.

Paper For Above instruction

This assignment encompasses a reflective analysis of the lessons learned from a Federal Taxation course, alongside personal insights into career aspirations, ongoing educational pursuits, and understanding of online consumer tracking behaviors. The core objective is to articulate how the knowledge gained from the tax course applies both personally and professionally, while integrating perspectives from recent articles on online privacy concerns and consumer tracking attitudes.

The first component of the paper should reflect on the comprehensive understanding developed regarding U.S. tax laws, especially focusing on Form 1040, tax terminology such as taxable income, deductions, and credits, and the navigation of IRS resources. It should discuss how this foundational knowledge will influence personal financial decisions and potentially inform professional practice, particularly in non-profit accounting contexts.

The second component involves an analysis of recent research into consumer attitudes towards online tracking and privacy. Summarize key findings from the survey data by Cheetah Digital, Econsultancy, McKinsey, and Merkle, emphasizing shifting consumer perceptions about being tracked online, concerns over data privacy, and the balance between personalization and invasion of privacy. Discuss how these insights relate to broader societal trends in data privacy and technology usage.

The final section should integrate personal career ambitions within the accounting field with insights into professional development. Reflect on the desire to progress into managerial roles such as Accounts Payable Manager, Accounting Manager, or Controller, and how the acquired tax knowledge enriches this journey. Address the importance of hands-on experience in understanding accounting practices, as highlighted by a mentor, and relate this to future career planning, including interest in roles that involve internal controls, policy development, and problem solving. Highlight how course learnings about tax deductions and credits, particularly related to rental properties, will aid in personal tax planning and overall financial literacy.

References

• McKinsey & Company. (2019). Consumer Data and Privacy Insights. Retrieved from https://www.mckinsey.com
• Merkle. (2021). Consumer Experience Sentiment Report Edition 2. Retrieved from https://www.merkleinc.com
• Ryan, T. (2021). Are consumers getting less creeped out about being tracked online? Econsultancy. Retrieved from https://econsultancy.com
• Additional scholarly sources on U.S. tax laws and professional career development in accounting.
• Further academic literature on consumer behavior and data privacy trends.
• Official IRS Publications and Guides relevant to Form 1040 and deductions.
• Accounting textbooks covering internal controls, policy creation, and management roles.
• Recent articles on rental income taxation and related deductions.
• Studies on the impact of hands-on experience in accounting education.
• Scholarly articles on tax planning and financial decision-making for individuals with rental properties.