Question

Have you ever thought to yourself “why should I even care about this class, I will not need to know any of this stuff for my career”? Luckily for you, EVERY student, regardless of their career path, has a vested interest in maintaining a working knowledge of business tax concepts. For instance,

You may have significant decision-making authority, the impact of which could inadvertently trigger material tax implications for the company.

You may receive shares of stock in your company in exchange for your stellar job performance, and you’ll then be personally impacted by the tax consequences of future distributions to shareholders made by the company.

You may have an entrepreneurial spirit and decide to start your own business – the type of legal entity you choose for your new company will dictate the effective tax rate you will pay on the business’ taxable income each year.

Your company may be majority-owned by an influential, tax savvy individual who requires the company’s leadership team to evaluate the tax implications of any operational changes.

You may work as an auditor in public accounting, and your book of business could materially increase to the extent you can evaluate your client’s tax weaknesses/opportunities and thereby generate cross-sell engagement revenue.

Answer 1

Absolutely at times people think in the same way that why would the need to study how to determine taxable income if they are not keen in making their career in the finance industry and thereby later on they face difficulty in calculating even their taxable income or filing their own income tax returns. But thankfully we have few experts who are determined to make their career in this as therefore they acquire professional knowledge in the finance and accounting field. They either jion any big industry or they also have an option to work as an independent and start thie own auditing firms, where they can impart their hard earned knowledge to provide professional services to their customers.