Presented By Washington and Lee University School of Law’s Tax Clinic.

Slides:



Advertisements
Similar presentations
Taxes are what we pay for civilized society Oliver Wendell Holmes Jr., 1904.
Advertisements

Bankruptcy. What is Bankruptcy? Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh start by canceling.
Bankruptcy and Claims Investigation By Sandy Williams, Jennifer Seidler, and Tonda Lee SmithAmundsen, LLC.
 LDR assess a UET penalty on individual income for underpayment of individual income tax.  The penalty may be imposed if the taxpayer did not pay enough.
Tax Amnesty FTB/CPA Liaison Meeting October 28, 2004.
Kynect FAQs and Tips Kentucky Primary Care Association November 21, 2013.
Income-Based Repayment (IBR) Plan Application Guide April 1, 2013 The IBR Plan application form may be found at
South Carolina Withholding and Forms W-2
What you should know about legally operating a school booster club Parent Booster USA, Inc.
Good Day This is your 30-Second $ Asset Development $ Training ENJOY Click here to begin.
The Not-So-Mandatory Individual Mandate Jordan Barry Bryan Camp.
Low Income Taxpayer Clinic “The hardest thing in the world to understand is the income tax.” –Albert Einstein Cal Poly.
Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.
Compliance Service Collection Operation (CSCO)
CHAPTER EIGHT OVERVIEW OF TAX PROCEDURE. THE ADMINISTRATION OF THE FEDERAL TAX LAWS l Compilation of tax statutes enacted by Congress.
Chapter 3: Managing Taxes. Objectives Explain how taxes are administered and classified. Describe the concept of the marginal tax rate. Determine who.
Tax Planning and Strategies
Internal Revenue Service  Anna Crowder  Indian Tribal Governments Specialist  (505)
International Students Who Had No U.S. Income in 2004.
Chapter 4: Managing Taxes. Objectives Explain how taxes are administered and classified. Describe the concept of the marginal tax rate. Determine who.
IRS Website below - Please find a computer and log on to this site. Use it as a reference if you have questions during this process. Filling out Tax Documents.
YOUR WITHHOLDING TAX How to Complete a W-4 Form Jane Wells TST - BOCES.
American Problems Chapter 16 vocabulary.
Federal Income Tax. Types of Taxes ___- a charge imposed by the government on people, entities, or on property in order to raise revenue. ___- a charge.
Tax Issues and Resources Relevant to Legal Aid Attorneys and Clients.
IRS Issues Main Line Association for Continuing Education Penn State Great Valley Conference Center October 16, 2014 Richard G. Furlong, Jr. Senior Stakeholder.
Take Charge.  Ability To Pay – a concept of tax fairness that people with different amounts of wealth or different amounts of income should pay taxes.
1 Chapter 8 Taxes Ken Long New River Community College Dublin, VA 24084
VITA: 01/17/09 Lesson 26: Child Tax Credit Winter 2008 Kristina Shroyer.
Federal Income Tax Credits. 2 Tax Credits  $ for $ reduction in amount of income tax owed  Unlike deductions where the benefit depends on your marginal.
Copyright © 2015 by the McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution.
“Taxes are what we pay for civilized society” Oliver Wendell Holmes Jr., 1904.
Chapter 7 Federal Income Tax
INCOME TAXES (How much will you keep?)
Washington Health Benefit Exchange R EMOVING A S POUSE F ROM A PPLICATION J ANUARY 27, 2014.
PFIN 3 4 Preparing Your Taxes GITMAN/ JOEHNK/ BILLINGSLEY
Verification and Conflicting Information Shannon Amundson, Cornell College.
WAGES AND INCOME TAX ( How much will you keep?). Employment Classifications Full-Time Full access to benefits & better pay Part-Time Fewer hours – benefits.
© 2010 South-Western, Cengage Learning SLIDE 1 Chapter 7 Do Now9/26/13 & 9/27/13 Work with your neighbor and create a list of ways people accumulate earned.
© Family Economics & Financial Education – Revised February 2006 –Get Ready to Take Charge of Your Finances – Planet Paycheck Funded by a grant from Take.
CHAPTER 3: MANAGING YOUR TAXES
Paychecks and Tax Forms Take Charge of your Finances Dollars & Sense Unit 2: Taxes & Paychecks, Part 2: W4 I9.
8 | 1 Chapter 12: Planning Your Tax Strategy Section 12.1 Income Tax Fundamentals  Today’s Agenda: 1.The importance of tax planning 2.How to identify.
Earned Income Tax Credit (EITC) 1. What is a Tax Credit Credits are designed to offset tax liability Refundable credits Nonrefundable credits 2.
CHAPTER 5 In this world nothing can be said to be certain, except death and taxes. Benjamin Franklin.
Debt Relief Notices – What are they and how do I apply? Colette Bennett, Project Development Manager, Approved Intermediary Service Transition Unit, MABS.
25-1 Chapter 28 Bankruptcy and Reorganization. Introduction to Bankruptcy and Reorganization  Bankruptcy Reform Act of 1978  Debtor friendly  Bankruptcy.
 The Earned Income Credit (EIC) is a refundable tax credit available to eligible taxpayers who do not earn high incomes.  The purpose of the EIC is.
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.
GOALS BUSINESS MATH© Thomson/South-WesternLesson 2.3Slide 1 2.3Federal Income Taxes Calculate adjusted gross income and taxable income Calculate the income.
 2004 McGraw-Hill Ryerson Ltd. Kapoor Dlabay Hughes Ahmad Prepared by Cyndi Hornby, Fanshawe College Chapter 3 Planning Your Tax Strategy 3-1.
Taxes. 5.1 – Taxes and Your Paycheck Payroll taxes Based on earnings Paid to government by you and employer Income taxes You pay on income you receive.
Internal Revenue Service Required Disclosures. A complete stranger asks for a copy of our annual tax return. They said if we didn’t give them a copy right.
TAX-AIDE Filing Basics Pub 4012 –Tabs A, B, D Pub 4491 –Part 1 – Lesson 4.
TAXES Chapter 5. Used For n Sanitation n Prisons n Public Org. - Library, Fire, School n National Defense n Street/Park n Social programs - FICA (Federal.
TAX VOCABULARY. ability to pay - A concept of tax fairness that states that people with different amounts of wealth or different amounts of income should.
W4 Tax Form. When Do You Get a W-4 Form? for new employment, starting a new job.
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.
CHAPTER EIGHT OVERVIEW OF TAX PROCEDURE. EXPECTED LEARNING OUTCOMES Appreciate and understand: l The voluntary nature of federal tax reporting l The basic.
Completing a W4 Form. How does an employer know how much taxes to withhold from your paycheck? A. They will withhold as much as possible B. You inform.
Internal Revenue Service Revised August 21, 2015 ABC’s of the Premium Tax Credit.
Determining Payroll Tax Withholding Lesson Payroll Taxes Payroll Taxes: taxes based on the payroll of a business Payroll Taxes: taxes based on the.
Completing a W4 Form. How does an employer know how much taxes to withhold from your paycheck? A. They will withhold as much as possible B. You inform.
 Legal requirement to file returns and pay taxes. ◦ I.R.C. Sections 6001, 6011 ◦ Regulations under § 6011  Self-assessment system. ◦ Proper form, required.
It is very possible through an IRS offer in compromise but not as easy as the advertisements that tell taxpayers that their tax resolution company can.
Federal Income Tax Debt
Tax Considerations in the Administration of Estates
Washington & Lee University School of Law Tax Clinic
Low-Income Taxpayer Issues under the Affordable Care Act
Solving Your Tax Problems. Offer In Compromise Offer in compromise actually allows you to settle the tax debt for less than the entire amount you owe.
Presentation transcript:

Presented By Washington and Lee University School of Law’s Tax Clinic

 Insufficient Income Reporting  Incorrect Filing Status  Not Having Supporting Documents  Not Paying your Liability  Claiming Too Many Exemptions  Claiming Unearned Credits  Failing to File

 Receiving a Notice of Deficiency  Can I pay it? ◦ If yes and the deficiency was your fault, then it may be best to pay it immediately to avoid further penalties and interest. ◦ If no, seek help!  We can help.

 IRS Grants  Income Eligibility  Translation Services Available  Website:  Tele: (540)

 Responding to IRS Notices  Failure to File Returns  Earned Income Credit Problems  Innocent Spouse Relief Requests  Self-Employment Issues  Settlements of Debt  Collections Alternatives  Audit/Appeals/Tax Court Representation  Liens and Levies  Identity Theft

 Filing your taxes correctly can give you peace of mind and stabilize your family’s financial future.