PPT-Preparing Taxes Personal Income Facts in the U.S.

Preparing Taxes Personal Income Facts in the US The US tax code contains more than 37 million words and is more than 70000 pages in length Americans spend 76 billion hours every year preparing taxes an average of about 25 hours per person. What is a Budget?. A plan for spending and saving money. Most people think budgets are:. Rigid and inflexible. Painful – who wants to eat Top Ramen every night!. No fun!. A budget takes the fun out of money – Mason Cooley. Mary B Pearson, CPA. Assistant Professor of Accounting. Topics Discussed:. Filing Status. Dependent Qualifications. Sources of Income. Self Employed Income. Estimated Taxes & Tax Brackets. Required Receipts. Rental Property, Royalties, and Income From Flow-Through . Entities. “There is no simple tax, at least no simple tax that is also fair.” . -- Joel . Slemrod. . LO #1: Rental Property. Income and expenses from rental property are generally reported on Schedule E.. Three Types of Taxes. Progressive Tax. Regressive Tax. Proportional Tax. Progressive Tax. A progressive tax is a tax for which the percentage of income paid in taxes increases as income increases.. Our Federal Taxes System is Progressive. Introduction. It has been proven that 18-25 year olds are historically the most likely age group to forfeit their tax refund by not filing a tax return.. What does this mean?. They paid MORE taxes than they needed to and didn’t file to get their money back.. Federal and state income taxes will have a major impact on your life, beginning with your first year of residency. Consider the following:. Last Year’s Tax Freedom Day-April 21, 2014. Single Tax Rates. and Why We Probably Won’t Get It. Robert . Coen.  . Professor Emeritus of Economics. Northwestern University. Woman’s Athletic Club. Chicago, IL. January 23, 2013. The Changing Personal Income Tax. . Understanding Federal Income Tax Principles. . Internal Revenue Service (IRS). responsible for administration and enforcement of federal tax laws. Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities.. DETROIT . TEI. CONFERENCE. JUNE 5, 2013. Notice. ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY KPMG TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (. … but no ‘alternative facts’. . Iowa Federation of Labor, AFL-CIO. Legislative Conference • Altoona • March 21, 2018. Peter Fisher • Mike Owen. Iowa Policy Project. Iowa Policy Project . Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities.. “. Taxes are what we pay for a civilized society.. ”. Justice Oliver Wendell Holmes. “. People want just (or fair) taxes more than they want lower taxes. They want to know that every man is paying his proportionate share according to his wealth.. VERONICA FARLEY, TAX INCENTIVES MANAGER. HOUSING AND REVITALIZATION DEPARTMENT. Tax Abatements Available to Developers . Obsolete Property Rehabilitation Exemption (PA 146 of 2000). Neighborhood Enterprise Zone (PA 147 of 1992).