




版權(quán)說明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)
文檔簡(jiǎn)介
Chapter3TaxesinYourFinancialPlanCopyright
?2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinTaxesinYourFinancialPlan
Identifythemajortaxespaidbypeople
inoursocietyCalculatetaxableincomeandtheamountowedforfederalincometaxPrepareafederalincometaxreturnSelectappropriatetaxstrategiesforvariouslifesituationsChapterObjectives3-2Startplanningfortaxes….KnowcurrenttaxlawsastheyaffectyouMaintaincompleteandappropriatetaxrecordsMakepurchaseandinvestmentdecisionsthatreduceyourtaxliabilityGoal:Payingyourfairsharebutstilltakingadvantageoftaxbenefits.Objective1
IdentifytheMajorTaxesPaidbyPeopleinOurSociety
PlanningYourTaxStrategy3-3
TypesofTaxesTaxesonPurchasesSalestax&excisetaxTaxesonPropertyRealestatepropertytaxPersonalpropertytaxTaxesonWealthFederalestatetaxStateinheritancetaxTaxesonEarningsIncometaxandSocialSecurity3-4WhatTaxRecordstoKeepCurrenttaxformsandinstructionbookletsSocialsecuritynumbersCopyofpreviousyear’sreturnsW-2formsfromemployers1099forms(interest,selfemployment)1098(mortgageinterestpaid)ReceiptsanddocumentationforexpensesInvestment&businessexpensedocuments
3-5Objective2
CalculateTaxableIncomeandtheAmountOwedforFederalIncomeTaxStep1:DetermineAGI
AGI=AdjustedGrossIncome
TaxableIncome Netincome=incomeonwhichtaxis computed Grossincomeminusdeductions
3-6Objective2
CalculateTaxableIncomeMainComponentsofGrossIncomeEarnedincome
Usuallyincludeswages,salary,commissions,fees,tipsorbonusesInvestmentincome
Moneyreceivedintheformofdividends,interestorrentfrominvestmentsPassiveincome
ResultsfrombusinessactivitiesinwhichyoudonotdirectlyparticipatesuchasalimitedpartnershipOtherincomeAlimony,awards,lotterywinningsandprizes
3-7Objective2
CalculateTaxableIncomeTotalincomeisaffectedby:
ExclusionsAmountsexcludedfromgrossincomeAlsoreferredtoastax-exemptincome;incomenotsubjecttofederalincometaxExample=interestonmoststateandcitybondsTax-deferredincome
Incomethatwillbetaxedatalaterdate,suchasearningsfromantraditionalindividualretirementaccount(IRA)
3-8Objective2
CalculateTaxableIncomeAdjustedgrossincome(AGI)GrossincomereducedbycertainreductionsThebasisforcomputingvariousdeductionsAdjustmentstoincomeReduceAGIContributionstoatraditionalIRAorKeoghAlimonypayments
3-9Objective2
CalculateTaxableIncomeStep2:ComputingTaxableIncomeTaxdeduction=amountsubtractedfromadjustedgrossincome(AGI)toarriveattaxableincomeStandarddeductionItemizeddeductions
3-10CalculateTaxableIncome
ItemizedDeductionsMedical&dentalexpenses(>7.5%ofAGI)TaxesInterestContributionsCasualtyandtheftlosesMovingexpensesJob-relatedandothermiscellaneousexpenses
3-11CalculateTaxableIncome
ExemptionsExemptions
subtractedfromAGIAnexemption=adeductionforyourself,yourspouseandqualifieddependentsTheamountoftheexemption
forthe2008taxyearis
$3,500perpersonAfterdeductingexemptionsyou
haveyourtaxableincome
3-12Objective2
CalculateTaxesOwedStep3:CalculatingtaxesowedTaxtablerates=marginalratesThetaxratepaidonthelast(ornext)dollaroftaxableincome.
Example:Afterdeductionsandexemptions,apersoninthe35%taxbracketpays35centsintaxesforeverydollaroftaxableincomeinthatbracket.
3-132008IRSTaxBrackets3-142008IRSTaxExampleTaxonasingletaxpayer’sincomeof$40,0003-15Objective2
CalculateTaxesOwed
Theaveragetaxrate=thetotaltaxduedividedbytaxableincomeAveragetaxrate<marginaltaxrateExample:Taxableincome=$40,000Totaltaxbill=$6,344Averagetaxrate=15.9%($6,344/$40,000)
3-16Objective2
CalculateTaxesOwedAlternativeminimumtax
(AMT)PaidbytaxpayerswithhighamountsofcertaindeductionsandvarioustypesofincomeDesignedtoensurethatthosewhoreceivetaxbreaksalsopaytheirfairshareoftaxes
3-17Objective2
CalculateTaxesOwedTaxcreditsAmountsubtracteddirectlyfromtheamountoftaxesowedExamples:EarnedincomecreditsForeigntaxcreditsChildanddependentcarecreditsRetirementtaxcreditsAdoptiontaxcreditsHopeScholarshipandLifetimeLearningcredits
3-18TaxCreditversusTaxDeduction$100TaxCreditReducesYourTaxesby$100$100TaxDeductionAmountYourTaxesareReducedisBasedonYourTaxBracket
3-19DeterminingYourTaxLiability3-20Objective2
CalculateTaxesOwedStep4:
MakingTaxPayments
PayrollWithholdingBasedonthenumberofexemptionsandtheexpecteddeductionsclaimedEstimatedQuarterlyPaymentsEstimatedtaxpaymentsmadethroughouttheyearbasedonincomemadeduringtheyearandreportedonForm1099.
3-21Objective2
CalculateTaxesOwedStep5:
WatchingDeadlines-AvoidingPenaltiesForm4868automaticsix-monthextensionSubmitestimatedtaxduewithForm4868byApril15Penalties&InterestUnderpaymentofquarterlyestimatedtaxesmayrequirepayinginterestontheamountowedUnderpaymentduetonegligencecanresultinpenaltiesof50to75percent3-22Objective3
PrepareaFederalIncomeTaxReturnFivefilingstatuscategories:SingleorlegallyseparatedMarried,filingjointlyMarried,filingseparatelyHeadofhouseholdUnmarriedindividualorsurvivingspousewhowithachildordependentrelativeQualifyingwidoworwidower(2years)EverycitizenorresidentofU.S.andeveryU.S.citizenwhoisaresidentofPuertoRicoisrequiredtofileincometax.
3-23WhichTaxFormShouldYouUse?≈400federaltaxformsandschedulesBasicallythechoiceisbetween3forms1040EZ1040A1040Whichformtouse?TypeofincomeAmountofincomeNumberofdeductionsComplexityoftaxsituation
3-24CompletingtheFederalIncomeTaxReturnFilingstatusandexemptionsIncomeAdjustmentstoincomeTaxcomputationTaxcreditsOthertaxes(suchasfromself-employment)Payments(totalwithholdingandotherpayments)RefundoramountyouoweRefundscanbedirectlydepositedtoyourbankaccount.Paymentsmaybedirectlydebitedfromyourbankaccount.Yoursignature=Mostcommonfilingerror
3-25HowdoIFileMyStateTaxReturn?Allbut7stateshaveastateincometaxMoststatestaxraterangesfrom1to10percentStatesusuallyrequireincometaxreturnstobefiledwhenthefederalincometaxreturnisdue3-26HowDoIFileMyTaxesOnline?TaxpreparationsoftwareTurboTaxandTaxCut
aretwoofthemostpopulartaxpreparationsoftwarepackagesUsingsoftwarecansave10ormorehoursTaxsoftware
allowsyoutocompleteneededtaxformsPrintandmailtheformsorfile
onlinee-filingrefundsusuallytake3weeksCostfore-filing=$5-$403-27HowDoIFileMyTaxesOnline?FreeFileAllianceOnlinetaxpreparationandfilingfreetomanytaxpayers-goto“FreeFile”Variousqualificationcriteriatofilefree;use“GuideMetoaService”Connecttoselectedfirm’swebsiteUseform’sonlinesoftwaretoprepareandfiletaxreturn3-28AvailableTaxAssistanceSourcesIRSServicesPublicationsandforms1-800-TAX-FORMRecordedmessages1-800-829-4477Phonehotline1-800-829-1040Walk-inserviceatanIRSoffice
3-29AvailableTaxAssistanceSourcesTaxpublications
e.g.ErnstandYoungTaxGuideandJ.K.Lasser’sYourIncomeTaxTheInternetTaxpreparationsoftwarecompaniesTaxPreparationServicesTaxpreparerschargebetween$40and$2,000dependingonthecomplexityofthereturnOver40millionU.S.taxpayerspaysomeoneelsetodotheirtaxes3-30TypesofTaxPreparationServicesOne-person,localofficestolargefirmssuchasH&RBlock“Enrolledagents”=Government-approvedtaxexpertsCPATaxAccountantsAttorneys3-31EvaluatingTaxServicesFactorstoconsider:Trainingandexperienceofthetaxprofessional?Feeforpreparingtaxesandhowdetermined?Questionabledeductionssuggested?Ifreturnisauditedwillthepreparerrepresenttheclient?Istaxpreparationthemainbusinessactivityorisitafrontforotherfinancialproducts?3-32TaxServiceWarningsUltimatelyyouareresponsibleforprovidingcompleteandaccurateinformationIfyourprofessionaltaxpreparermakesamistake,youarestillresponsibleforpayingthecorrectamount,plusanyinterestandpenalties.HiringataxpreparerdoesnotguaranteethatyouwillpaythecorrectamountBewareoftaxpreparersthatofferrefundsinadvance“Refundanticipationloans”canchargeinterestratesinexcessof300%3-33WhatifYourReturnisAudited?≈0.6%ofallreturnsareauditedIfyouclaimlargeorunusualdeductionsyouaremorelikelytobeaudited.Threetypesofaudits:CorrespondenceauditforminorquestionsOfficeaudittakesplaceatanIRSofficeFieldauditisthemostcomplex,withanIRSagentvisitingyouatyourhome,yourbusinessoryouraccountant’soffice
3-34WhatifYourReturnisAudited?AuditRightsRequesttimetoprepareClarificationofitemsbeingquestionedRighttoappealauditresultsWhenAudited:Decidewhethertobringyoutaxpreparer,accountantorlawyerBeontimeforyou’reappointment;bringonlyrelevantdocumentsPresentevidenceinalogical,calmandconfidentmanner;maintainapositiveattitudeMakesureyourinformationisconsistentwithtaxlawKeepyouranswersaimedattheauditor’squestions
3-35Objective4
SelectAppropriateTaxStrategies TaxPlanningStrategiesPracticetaxavoidanceLegitimatemethodstoreduceyourtaxobligationtoyourfairsharebutnomoreFinancialdecisionsrelatedtopurchasing,investing,andretirementplanningarethemostheavilyaffectedbytaxlaws
TaxEvasionIllegallynotpayingallthetaxesyouowe,suchasnotreportingallincome
3-36TaxPlanningStrategies
MinimizingTaxesIfyouexpectThenyoushouldBecauseThesameoralowertaxratenextyearAcceleratedeductionsintothisyearGreaterbenefittohigherrateThesametaxratenextyearDelayincomeintonextyearDelaypayingtaxesAhighertaxratenextyearDelaydeductionsGreaterbenefitAccelerateincomeTaxedatlowerrate3-37Tax-PlanningStrategies
ConsumerPurchasingHomeownership
OneofthebesttaxsheltersDeductmortgageloaninterestandpropertytaxesReducesyourtaxableincomeUsehomeequitylineofcredittobuyacarorconsolidatedebtInterestdeductible
3-38Tax-PlanningStrategies
ConsumerPurchasingJob-relatedexpensesmaybeallowedasitemizeddeductionsUnionduesBusinesstoolsJobsearchcostsHealthcareexpenseslikeFSA’s(FlexibleSpendingAccounts)allowyoutoreduceyourtaxableincomewhenpayingforhealthrelatedexpenses
3-39Tax-PlanningStrategies
Investment
溫馨提示
- 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁(yè)內(nèi)容里面會(huì)有圖紙預(yù)覽,若沒有圖紙預(yù)覽就沒有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 人人文庫(kù)網(wǎng)僅提供信息存儲(chǔ)空間,僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理,對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請(qǐng)與我們聯(lián)系,我們立即糾正。
- 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。
最新文檔
- 高科技廠房租賃合同范本標(biāo)準(zhǔn)(含設(shè)備安裝協(xié)議)
- 倉(cāng)儲(chǔ)物流場(chǎng)地調(diào)研與建設(shè)方案合同協(xié)議
- 打基礎(chǔ)-建制度-抓管理-扎扎實(shí)實(shí)做好后勤安全管理工作
- 公司強(qiáng)化員工管理制度
- 小學(xué)信息教室管理制度
- 公司發(fā)票報(bào)銷管理制度
- 外包公司物業(yè)管理制度
- 學(xué)校物資衣服管理制度
- 醫(yī)療污水收集管理制度
- 及時(shí)修訂應(yīng)急管理制度
- 地質(zhì)災(zāi)害治理工程施工質(zhì)量驗(yàn)收表
- 【護(hù)士資格考試】南京同仁醫(yī)院模擬檢測(cè)練習(xí)題
- (完整word版)省級(jí)溫室氣體清單編制指南
- 出版專業(yè)基礎(chǔ)知識(shí)中級(jí)
- GB/T 9163-2001關(guān)節(jié)軸承向心關(guān)節(jié)軸承
- GB/T 7759-1996硫化橡膠、熱塑性橡膠常溫、高溫和低溫下壓縮永久變形測(cè)定
- C919飛機(jī)試飛機(jī)組機(jī)務(wù)培訓(xùn)-動(dòng)力裝置課件
- 部編版高中語(yǔ)文必修下冊(cè)文言文翻譯及知識(shí)總結(jié)
- 物業(yè)工程部工具臺(tái)帳
- 企業(yè)項(xiàng)目投資管理培訓(xùn)課件
- 中小尺寸oled電路設(shè)計(jì)及原理
評(píng)論
0/150
提交評(píng)論