Fundamentals of Taxation for Individuals and Business Entities

A Practical Approach, 2026 Edition

Gregory A. Carnes, Suzanne Youngberg

• Publisher: Wiley
• Year: 2025
• Print ISBN: 9781394358090
• eBook ISBN: 9781394358052
• Edition: 3
• Topic: Business
• Subtopic: Taxation
• Index: Business

An innovative approach to understanding the federal income tax laws and using them to develop tax-efficient strategies for individuals and businesses.

Present the big picture with a practice-based approach to understanding tax laws so students can develop critical thinking and problem-solving skills that prepare them for the real world. Fundamentals of Taxation — Individuals and Business Entities, 2026 Edition introduces a logical foundation for the income tax system so students can understand why a law exists and how to apply the law to practical tax problems. Professional skill-building exercises develop critical thinking and communication skills and the ability to identify and address ethical dilemmas, preparing students to be effective tax professionals.

WILEY ADVANTAGE

• Features Professional Skill-Building Exercisesthat focus on tax-planning skills, analytical skills, research skills, communication skills, and the ability to identify and address ethical dilemmas
• Prepares students for their careers and the CPA Exam with Task-Based Simulation Problems that include realistic source documents such as 1099s, W-2s, invoices, and legal agreements that students use to solve problems
• Teaches tax planning skills through real-world cases, Spotlight on the Tax Law boxes, and Excel exercises that stimulate critical analysis and evaluation
• Creates a realistic environment to teach students how to apply their knowledge that will transfer to job-ready skills with Tax Form and Tax Return Problems
• Includes instructor and student companion sites with an extensive collection of additional resources, such as lesson plans, a Solutions Manual, presentation slides, practice quizzes, downloadable forms, and spreadsheets.

AN INTERACTIVE, MULTIMEDIA LEARNING EXPERIENCE

This textbook includes access to an interactive, multimedia e-text. Icons throughout the print book signal corresponding digital content in the e-text.

Videos: Fundamentals of Taxation — Individuals and Business Entities integrates abundant video content developed to complement the text and engage readers more deeply.

• Content Review Videos provide a detailed review of each learning objective in each chapter and help students learn key concepts and an understanding of tax laws, the big picture, and the Why behind it.
• Solution Walkthrough Videos created by the authors provide step-by-step instruction on how to complete problems like those in the text.

Downloadable Figures and Files: Downloadable Content appears throughout the E-Book, enabling students to see and work with tax forms, legal agreements, and spreadsheets.

Interactive Self-Scoring Quizzes: Concept Check Questions at the end of each section provide immediate feedback, helping readers monitor their understanding and mastery of the material.

Table of contents

• Cover
• Title Page
• Copyright
• Dedications
• Learning the Big Picture of Tax to Be a Valued Tax Professional
• What Are Our Stories?
• What Makes Our Approach to Learning Tax Distinctive?
• Assessment
• Connecting to the Profession
• An Interactive, Multimedia Learning Experience
• Preparing for the CPA Exam
• For Instructors
• Acknowledgments
• Table of Contents
• Part I Introduction to Income Taxation
• Part II Income
• Part III Deductions
• Part IV Taxation of Property Transactions
• Part V Other Individual Topics
• Part VI CPA Evolution: Core—Tax
• Appendix A Tax Formula Items
• Appendix B Tax Forms
• Glossary
• Subject Index
• End User License Agreement