PPT-Tax Unit: Module 1

Consumer Math Class East Jackson High School 2016 Module 1 Payroll Taxes and Federal Income Tax Withholding Introduction Payroll taxes include the Social Security tax and the Medicare tax. Acknowledgements:. CEST. i. CC. Washington State University Fulbright. Liv Haselbach Quinn Langfitt. For current modules email . h. aselbach@wsu.edu or visit cem.uaf.edu/. CESTiCC. . LCA Module Series Groups. For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail: Research has shown that most dental practitioners overpay in taxes, and the reason behind this seems to stem from their lack of proactive tax planning. By not appreciating, understanding and acting upon the myriad nuances of the tax law, dentists the country over are missing out on potential tax saving opportunities and jeopardising their financial futures. The overall goal of planning your taxes is to arrange your financial affairs in such a way that your taxes are minimized. There are 3 basic ways in which to achieve this, with each method having some slight variations: Filing your taxes each year need not be a stressful experience if you prepare in advance and take the time to understand a little more about what can get you a credit or a deduction. Even if you’re using the services of a tax professional, it doesn’t hurt to understand as much as you can about the whole process, and the more information you can accurately present to your tax professional well in advance of the due date, so much the better. With the 2019 tax year looming on the horizon, you’re probably already thinking about preparing for this time to try and get the maximum out of the changes that were introduced with the TCJA, or Tax Cuts and Jobs Act. Credits have been adjusted, exemptions and tax bracket have altered, making it the perfect time to take a step back and look at your finances before the end of the fourth quarter. Keeping that in mind, here are just a few intelligent money manoeuvres to think about before December 31st, that could help you stay a step ahead of the tax filing season: With 2018 fast coming to an end, it’s time to ask yourself if you’re ready for the new tax season? 2019 brings in a variety of changes and each of these could go on to affect how you file and Form 1040. With the beginning of a new year, comes the perfect opportunity to begin to think strategically about your taxes, if you haven’t already. Here are a few points you might want to take into consideration when planning your taxes: As discussed in Part One, the majority of US citizens use the services of paid tax professionals to help them submit their tax returns each year, and with these simple tips, your tax preparation experience can be as pain-free as possible: There are, of course, strict penalties in place for those who incorrectly file their tax return, whether it’s a business or personal one, but the IRS will not assess a penalty if it owes you or your business, a refund. You can even claim your refund late by filing an amended tax return within three years, but if you owe money to the IRS and fail to pay because of an inaccurate tax return, then they may go ahead and assess penalties and interest. There are some tax tips that can just as easily apply to the professionals involved with other people’s taxes, as to the taxpayer themselves, and both parties are more than capable of succumbing to the stress that often accompanies tax season. When Congress decides to make changes to tax rates, that’s when they occur and the frequency at which this happens is hard to predict. Most recent changes were back in 2001, thanks in part to the Economic Growth and Tax Relief Reconciliation Act, which reduced tax rates for both individuals and businesses. So, Congress writes the tax laws, but the IRS are responsible for implementing them and helping to explain how the new rules can be applied to specific situations. Treasury Regulations and Revenue Rulings are the written regulations and procedures in which the new tax codes will appear, and they are almost four times as long as the tax code itself! Here’s a little more about the relationship between the IRS and the tax code: Module H Unit 1: Matter Lesson 1: Introduction to Matter Matter - anything that has mass and takes up space. Matter makes up the materials around you. Mass - the amount of matter in an object. Even air has mass. Welcome & Housekeeping . Introductions. Did everyone sign in?. PRE-Test Evaluation. 2. Agenda. Talk about filing a tax return with the Internal Revenue Service (IRS). Learn about the Earned Income Tax Credit (EITC) and other tax credits.