Tax Deductions Standard Deduction Itemized Deduction standard deduction an amount of money set by the IRS that is not taxed itemized deduction a specific.

Slides:



Advertisements
Similar presentations
Preparing Your Taxes #3.
Advertisements

TAX WORKSHOP Presented to: NEW YORK STATE NONRESIDENT STUDENTS AND SCHOLARS.
0 Finish W4 and I9 if not completed… Personal Finance Unit 4 Chapter 12 © 2007 Glencoe/McGraw-Hill.
Planning Your Tax Strategy Personal Financial Planning Name_____________________.
Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.
Federal Income Tax CONT 110. Terms Adjusted Gross Income Adjustments to Income Earned Income Tax Credit Estimated Tax Payments Exemptions Health Savings.
0 Business and Personal Finance Unit 4 Chapter 12 © 2007 Glencoe/McGraw-Hill.
0 Section 12.1 Income Tax Fundamentals Effective Tax Planning Effective tax planning can help you have money left after paying taxes and living expenses.
TAX WORKSHOP Presented to: NEW YORK STATE NONRESIDENT STUDENTS & SCHOLARS Spring 2007.
Business Math 2.3 Federal Income Taxes.
New York State Department of Taxation and Finance Resident Alien International Students and Scholars Spring 2009 Workshop.
Understanding your Paycheck
Standard Deduction, Filing Status, Exemptions. Three Separate Topics? Why look at these topics together? They are related: The amount of the standard.
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.
Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.
Building Bucks Taxes and Tax Credits. Take advantage of tax deductions and incentives – Earned Income Tax Credit (EITC) – Child Tax Credit (CTC) Refund.
TAX WORKSHOP NEW YORK STATE NONRESIDENT STUDENTS AND SCHOLARS
Chapter 12 Planning your tax strategy
Tax Unit: Module 13 Consumer Math Class East Jackson High School.
Presented by Tim Lundell District Trainer 2013 Assemblies.
16th Amendment to US Constitution The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment.
Consumer Taxation. Learning Objectives  Identify the major types of consumer taxation.  Compute gross and net pay.  Complete personal income tax forms.
© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Based on voluntary compliance  Filing Tax Returns  Must be done.
Chapter 12 Planning Your Tax Strategy Section 12.2 Preparing an Income Tax Return.
Chapter 7 Federal Income Tax
FEDERAL INCOME TAXES Just the basics…... Filing status Single Married – joint filing Married – separate filing Head of household – meet conditions, can.
© 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.
Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.
© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.
Glencoe Business and Personal FinanceCopyright © by The McGraw-Hill Companies, Inc. All rights reserved.
1 NTTC Training 2010 LESSON 32: QUALITY REVIEW PUB 4012TAB 13 Form C Section C.
Filing Taxes Taxes Due- April 15th. W-2 Form Tax Basics Tax year: January 1 st through December 31 st Required to file taxes every working year. Determines.
Taxes The Who, Why and How. Word Of the Day Deductions.
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.
Chapter 4 Tax Planning and Strategies Tax Planning and Strategies.
Keeping Records and Paying Taxes. Organizing Your Financial Records Financial records documents such as bank statements, motor vehicle titles, insurance.
© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.
1 / 10 Understanding the PIN Programs © 2006, Universal Tax Systems, Inc. All Rights Reserved. Pin Programs Objectives –In this chapter you will learn.
© South-Western Educational Publishing Chapter 7 Federal Income Tax Our Tax System Filing Tax Returns.
2009 IRS: Size of Adjusted Gross Income Adjusted-Gross-Income.
“ Certainty? In this world nothing is certain but death and taxes.” ―Benjamin Franklin Copyright © eNestEgg Press, LLC.
© South-Western Educational Publishing Chapter 7 Federal Income Tax  Our Tax System  Filing Tax Returns.
Twenty Questions Economics & Personal Finance UNIT TEST REVIEW: INCOME & TAXES.
Itemizing Deduction Schedule A Forms. Objective Given instructions, the learner will demonstrate an understanding of consumer tax forms?
INFORMATION ABOUT YOUR:
2016 International Student Tax Workshop
Chapter 3 Taxes in Your Financial Plan McGraw-Hill/Irwin
Lesson 3.2 Filing a Tax Return
Chapter 7 Federal Income Tax
Principles of Business, Marketing and Finance
Do I have to file a tax return? What does that even mean?
Taxes Source:
7.2(part 1) Notes INCOME TAX.
Personal Finance Day18.
Taxes Objective: SWBAT evaluate the basics about taxes
7.4 Forms 1040EZ and 1040A.
Personal Finance Income Taxes Presented By Mrs. Bowden.
2017 International Student Tax Workshop
Advanced Financial Algebra
Federal Income Taxes Introduction to Taxes Federal Income Taxes
Consumer Taxation.
IRS Compliance Reporting And 990 Tax Filing
Bob is single, earned $47,000 and earned $700 in interest
Personal Income Tax Returns
Tax Returns Who has to file tax return by 4/15/2014? Federal State
MYPF 7.1 Our Tax System 7.2 Filing Tax Returns
2018 International Student Tax Workshop
Federal Income Taxes Introduction to Taxes Federal Income Taxes
MYPF 7.1 Our Tax System 7.2 Filing Tax Returns
MYPF 3.1 Our Tax System 3.2 Filing a Tax Return
Presentation transcript:

Tax Deductions Standard Deduction Itemized Deduction standard deduction an amount of money set by the IRS that is not taxed itemized deduction a specific expense that can be deducted from the adjusted gross income

Common Tax Deductions Medical and Dental Expenses Taxes Interest Contributions

The Federal Income Tax Return Preparing an Income Tax Return Three Basic Forms Form 1040EZ Form 1040A Form 1040

Completing the Federal Income Tax Return Tax Forms and Instruction Booklets Copies of Your Tax Returns Your W-2 Form Interest and Dividend Forms Receipts for deductible expenses Document Checklist

Completing the Federal Income Tax Return Preparing an Income Tax Return Two Ways for You to File Electronically Use an authorized e-file provider Use your personal computer and tax software

Tax Assistance Tax Assistance and Strategies Sources of Tax Assistance IRS Web Site Books Software Professionals