Income Taxes. The Amendment That Never Was? Progressive Taxation.

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Presentation transcript:

Income Taxes

The Amendment That Never Was?

Progressive Taxation

Tax Forms

Income Tax Terminology

Exemptions, Deductions, and Credits

Audits

Concluding Thoughts “Everyone wants to live at the expense of the state. They forget that the state lives at the expense of everyone.” ― Frédéric BastiatFrédéric Bastiat

Discussion Questions 1.What is progressive taxation? 2.What is the difference between a tax deduction and a tax credit? 3.Describe one expense that is typically tax deductible. 4.Why is it important to save receipts for deductible expenses? 5.How do taxes distort the economy and create inefficiency?