Accounting students enrolled in the Tax II class at Minnesota School of Business have been issued a special challenge to explore the effects of current tax law legislation on a local small business. Gina Lehmann, an accounting degree program student, did just that by reviewing how current tax laws affect the American farmer.
You see, Gina’s family has experience in farming, and despite her busy schedule of attending classes and working in the accounting industry, Gina plans to one day return to the business of agriculture.
During Gina’s project, she was able to research IRS publications and learn about the business expenses, assets, income, labor, and non-taxable items that apply to farmers. Through this process of applied learning (learning by doing), Gina also found information about the tax rates that are required for employees and the many items that qualify as deductible business expenses.
One of Gina’s biggest findings in her project was that detailed records for expenses and income must be kept in order to run an effective and profitable operation in any industry.
Gina’s instructor, Bev Kile, shares, “Gina and her family are in farming, so she was able to research tax issues that have meaning far beyond just the classroom learning. That [type of] takeaway means she can share and implement what she has learned right away, instead of waiting until she graduates.”
The process of applying lessons from in the classroom to real-life circumstances is a valuable skill that Minnesota School of Business students participate in throughout the entire course of their education.
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