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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
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