| (240) 499-0390 | F3EF3E The Foundation for Financial Education A 501(C)(3) NONPROFIT ORGANIZATION A Financial EducationWorkshop.

Slides:



Advertisements
Similar presentations
Preparing Your Taxes #3.
Advertisements

PART 1: FINANCIAL PLANNING Chapter 4 Tax Planning and Strategies.
Bennie D Waller, Longwood University Personal Finance Bennie Waller Longwood University 201 High Street Farmville, VA.
PASFAA Conference October 31, 2012 Federal Tax Individual Returns Forms 1040/1040EZ/1040A Partnership Returns Form 1065 Corporate Returns Sub-chapter S.
Chapter 6: Paying Taxes.
©2015, College for Financial Planning, all rights reserved. Session 2 Itemized Deductions and Personal Exemptions CERTIFIED FINANCIAL PLANNER CERTIFICATION.
TAXES By Stevie VanDeVelde.
Individual Taxation and 1040 Preparation. 2 “In this world nothing is guaranteed but death and taxes”—Benjamin Franklin.
Personal Finance Garman/Forgue Ninth Edition
Tax Preparation. Federal Income Tax Structure  Federal and State income taxes are progressive tax  The higher your income, the greater percentage is.
Tax Planning and Strategies
1 Chapter 4 – Tax Planning Intent – not to make you tax experts –But appreciate major features of tax laws Key concepts – deductions and sheltered income.
Chapter 4 Lecture 2 Tax Planning and Strategies. Calculating Your Taxes Who has to file an income tax return. Who has to file an income tax return. Choosing.
Understanding Income Taxes: Federal, State, and Local.
BA 128 Agenda 1/25 Questions from lecture Review Assignment I2-5,8,9,33,34 Additional problems I2-4,20,21,30,38 GSI: Celia Poon, Office Hours:
Chapter 4 Lecture 3 Tax Planning and Strategies. Individual Income Tax Formula Total Income (everything received) - Exclusions/Tax-exempt Income_______________.
Toledo Accountants.net Tax Talk for 2011 Presenter: Charlie Finley.
Personal Income Tax Mary B Pearson, CPA Assistant Professor of Accounting.
Tax Preparation Financial Literacy.
Standard and Itemized Deductions Page 2 2.
Basic Concept of Taxes Tally all income subject to taxes Reduce the total by: –adjustments –deductions –exemptions Choose the right filing status Claim.
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
2013 and 2014 Income and Estate Tax Issues January 14, 2014 J C. Hobbs - Assistant Extension Specialist OSU Department of Agricultural Economics.
Getting on the Right Tax Track An update on tax rules for individuals including year-end strategies and tips for 2003.
Chapter 3. Learning Objectives (part 1 of 2) Describe the basic federal tax model Distinguish between adjustments to income and itemized deductions Determine.
Tax Saving Tips for 2006 Advice from CPAs. Tax Law Changes Recent Tax Law Changes Retirement Plans “Kiddie Tax” Charitable Giving.
Copyright © 2011 Pearson Education, Inc. Managing Your Money.
Taxation Personal Finance – Ch 9. Types of Tax  Payroll Tax  Sales Tax  Real Estate Tax  Gasoline Tax.
Copyright ©2004 Pearson Education, Inc. All rights reserved. Chapter 4 Using Tax Concepts for Planning.
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Taxable Income Formula for Individuals
Health Savings Accounts  Effective 2004  For individuals with high-deductible health plans  Tax-deductible contributions  Tax-free earnings  Tax-free.
Are You Smarter Than The Average Person in Financial Planning?
FEDERAL INCOME TAXES Just the basics…... Filing status Single Married – joint filing Married – separate filing Head of household – meet conditions, can.
Chapter 3 Review February 27, 2008.
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Determination of Income Tax Liability  Gross Income  - “Above the Line Deductions”  = AGI (Adjusted Gross Income)  - Standard or Itemized Deductions.
Reviewing Tax Returns for Verification Purposes
Miscellaneous Credits All types of credits discussed in this lesson are nonrefundable credits. A nonrefundable credit can only reduce the tax liability.
© 2008 Thomson South-Western CHAPTER 3 MANAGING YOUR TAXES.
Completing the 1040EZ 1040 EZ vs A Day 3. Read the Tax Process article In your notebook: What is the maximum income you can earn in order to complete.
5 TAX BASICS YOU MUST KNOW ① FILING STATUS ② DEDUCTIONS ③ CHILD TAX CREDIT (CTC) ④ EARNED INCOME TAX CREDIT (EIC) ⑤ DIFFERENT INCOME TYPES.
Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household 10%$0 – $8,350 $0 – $16,700.
Chapter 4 Tax Planning and Strategies Tax Planning and Strategies.
Slippery Road Ahead Advanced Verification Issues Initial Forms Requested  Student’s 2005 federal tax return  Parent’s 2005 federal tax return, if applicable.
©2015, College for Financial Planning, all rights reserved. Session 3 Income Tax Calculation and Tax Credits CERTIFIED FINANCIAL PLANNER CERTIFICATION.
The W-4 Form The W-4 form tells your employer the withholding rate for your pay. You must claim your filing status: single, married, or married but withhold.
CEE Fund Introduction to Tax Planning Or “Keeping More of What You Earn”
Copyright © 2015, 2011, 2008 Pearson Education, Inc. Chapter 4, Unit E, Slide 1 Managing Money 4.
McGraw-Hill Education Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of.
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Personal Income Tax Mary B Pearson, CPA Assistant Professor of Accounting.
PFIN 4 Preparing Your Taxes 3 Copyright ©2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly.
McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Principles of Taxation Chapter 15 Investment and Personal Financial Planning.
Retirement Planning F3eF3eF3eF3e The Foundation for Financial Education -Presents- A Financial Education Workshop A 501(c)(3) Nonprofit Organization f3e.
TAX BASICS YOU MUST KNOW ① FILING STATUS ② DEDUCTIONS ③ CHILD TAX CREDIT (CTC) ④ EARNED INCOME TAX CREDIT (EIC) ⑤ DIFFERENT INCOME TYPES ⑥ OBAMACARE.
2015 Alternative Minimum Tax Presented by Jaimee Hammer, EA.
Lesson 3.2 Filing a Tax Return
Tax Preparation Financial Literacy.
Individual From AGI Deductions
Personal Finance Income Taxes Presented By Mrs. Bowden.
Hunterdon/Somerset Association of Realtors - Taxes for Realtors
Federal Income Taxes Introduction to Taxes Federal Income Taxes
The key changes you need to know for the 2018 tax year
Income Tax Base and Rates
Personal Income Tax Returns
Federal Tax Highlights
The key changes you need to know for the 2018 tax year
Federal Income Taxes Introduction to Taxes Federal Income Taxes
How to Reduce Current and Future Income Taxes
Presentation transcript:

| (240) | F3EF3E The Foundation for Financial Education A 501(C)(3) NONPROFIT ORGANIZATION A Financial EducationWorkshop HOSTED BY

3 Types 3 Tax Advisors 1

Notes

Federal Income Tax Rates 2

Notes

Taxes Now vs. Taxes Later  Marginal Rates  Mortgage Interest  Child deductions  Tax-free  Tax-deferral  Tax-deductible 3

Notes

Tax Planning With Retirement Accounts 3 SEP, Simple IRA ROTH TSP / ROTH IRA 2 1 TSP - 401(K) - 403(B) 4

Notes

Taxes With Investments  1099 Dividends / Interest Earned  Rental Properties  Long-term Cap Gains  Ordinary interest / dividends  AMT 5

Notes

 Revocable Living Trust  Wills  Irrevocable Trust  Estate/Inheritance /State Death Tax  Gifting Tax Planning For Estate 6

Notes

Most Common Tax Mistakes  Social Security Number  1099/W-2 Matching  Not Reporting All Income  Too Aggressive with Deductions  Not Filing Timely Return  Tracking Basis  Claiming All Dependents 7

Notes

Itemized Deductions  Mortgage Interest  State / Local Income Taxes vs. Deductible Sales Tax  Property Taxes  Charitable Contributions/Donations  Vehicle Registration  Medical Expenses (Over 7.5% of AGI)  Tax Preparation Expense  Other Miscellaneous Deductions  Gambling Losses Typical Deductible Expenses 8

Notes

Filing Status 5 Types: ‒Single ‒Married filing Joint ‒Married filing Separate ‒Head of Household (Be careful!) ‒Qualifying Widower with Dependent Child  Marital Status determined on last day of year  Married Filing Separate: If one spouse itemizes then the other MUST also itemize. 9

Notes

Charitable Remainder Trusts 10

Notes

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com. Inc. All rights reserved.