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Filing Tax Returns for 2008
Filing Status <ul><li>Single Person (not married) </li></ul><ul><li>Married person filing a joint return (even though only...
Exemptions <ul><li>Exemption – an amount you may subtract from your income for each person who depends on your income to l...
Dependent <ul><li>The term dependent means </li></ul><ul><li>A qualifying child, or </li></ul><ul><li>A qualifying relativ...
Dependent (Cont.) <ul><li>Relationship Test  -  To meet this test the child must be: </li></ul><ul><ul><li>Your son, daugh...
<ul><li>Support Test  </li></ul><ul><ul><li>Child must not have provided more than half of his or her own support </li></u...
Gross Income <ul><li>Gross Income – all taxable income you receive </li></ul><ul><ul><li>Wages </li></ul></ul><ul><ul><li>...
<ul><li>Gross Income </li></ul><ul><li>Adjustments </li></ul><ul><li>Adjusted Gross Income </li></ul><ul><li>Standard Dedu...
Standard Deduction for 2008 Single $5,450 Head of Household $8,000 Married filing a joint return $10,900 Qualifying widow(...
Who Must File? Filing Requirements for Most Taxpayers <ul><li>If your filing status is:  Wages at least: </li></ul><ul><li...
When to File? April 15 Post marked by midnight! If April 15 is on a Saturday or Sunday,  Tax Return is due following Monday.
How do I File? e-file  (free if adjusted gross income is less than $56,000)  See  www.irs.gov  for details. Use a computer...
The  End!
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Filing Tax Returns

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This presentation defines terminology related to filing income tax such as status, dependents, standard deduction

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Transcript of "Filing Tax Returns"

  1. 1. Filing Tax Returns for 2008
  2. 2. Filing Status <ul><li>Single Person (not married) </li></ul><ul><li>Married person filing a joint return (even though only one spouse may have earned income </li></ul><ul><li>Married person filing separate return </li></ul><ul><li>“ Head of Household” (you may qualify as head of household whether you are married or single if you meet certain condition in providing a home for people dependent on you. </li></ul><ul><li>Qualifying widow(er) with a dependent child </li></ul>
  3. 3. Exemptions <ul><li>Exemption – an amount you may subtract from your income for each person who depends on your income to live. </li></ul><ul><li>Each exemption reduces your total tax. </li></ul><ul><li>Exemptions allowed for </li></ul><ul><li>Yourself </li></ul><ul><li>Spouse (if married) </li></ul><ul><li>Dependents </li></ul>
  4. 4. Dependent <ul><li>The term dependent means </li></ul><ul><li>A qualifying child, or </li></ul><ul><li>A qualifying relative </li></ul><ul><li>Must meet tests for qualifying child </li></ul><ul><li>Dependent taxpayer test – if you could be claimed as a dependent by another person, you cannot claim anyone else as a dependent. </li></ul><ul><li>Joint return Test – You generally cannot claim a married person as a dependent if he or she files a joint return </li></ul><ul><li>Citizen or resident test – You cannot claim a person who is not a U.S. Citizen, U.S. resident alien, U.S. national or a resident of Canada or Mexico, for some part of the year. (Exception: adopted child) </li></ul>
  5. 5. Dependent (Cont.) <ul><li>Relationship Test - To meet this test the child must be: </li></ul><ul><ul><li>Your son, daughter, stepchild, eligible foster child, adopted child, or a descendant of any of them </li></ul></ul><ul><li>Age Test </li></ul><ul><ul><li>Under the age of 19 at the end of the year </li></ul></ul><ul><ul><li>A full-time student under age 24 at the end of the year, or </li></ul></ul><ul><ul><li>Permanently and totally disabled at any time during the year. </li></ul></ul><ul><li>Residency Test </li></ul><ul><ul><li>Have lived with you for more than half of the year </li></ul></ul><ul><ul><li>Meet one of the exemptions listed below </li></ul></ul><ul><ul><ul><li>Temporary absences – illness, education, business, vacation, or military service </li></ul></ul></ul><ul><ul><ul><li>Death or birth of child – a child who was born or died during the year </li></ul></ul></ul>
  6. 6. <ul><li>Support Test </li></ul><ul><ul><li>Child must not have provided more than half of his or her own support </li></ul></ul><ul><ul><li>There are special rules for a child that is the “qualifying child” of more than one person. Do research or get professional advice if you encounter this situation. </li></ul></ul>Dependent (Cont.)
  7. 7. Gross Income <ul><li>Gross Income – all taxable income you receive </li></ul><ul><ul><li>Wages </li></ul></ul><ul><ul><li>Tips </li></ul></ul><ul><ul><li>Salaries </li></ul></ul><ul><ul><li>Interest </li></ul></ul><ul><ul><li>Dividends </li></ul></ul><ul><ul><li>Unemployment compensation, alimony </li></ul></ul><ul><ul><li>Worker’s compensation benefits, etc </li></ul></ul>
  8. 8. <ul><li>Gross Income </li></ul><ul><li>Adjustments </li></ul><ul><li>Adjusted Gross Income </li></ul><ul><li>Standard Deduction or Itemized Deductions </li></ul><ul><li>Exemptions </li></ul><ul><li>Taxable Income </li></ul>
  9. 9. Standard Deduction for 2008 Single $5,450 Head of Household $8,000 Married filing a joint return $10,900 Qualifying widow(er) with dependent child $10,900 Married filing a separate return $5,450
  10. 10. Who Must File? Filing Requirements for Most Taxpayers <ul><li>If your filing status is: Wages at least: </li></ul><ul><li>Single $ 8,950 </li></ul><ul><li>Married filing joint $17,900 </li></ul><ul><li>Married filing separately $ 3,500 </li></ul><ul><li>Head of household $11,500 </li></ul><ul><li>Qualifying widow(er) $14,400 </li></ul><ul><li>with dependent child </li></ul>
  11. 11. When to File? April 15 Post marked by midnight! If April 15 is on a Saturday or Sunday, Tax Return is due following Monday.
  12. 12. How do I File? e-file (free if adjusted gross income is less than $56,000) See www.irs.gov for details. Use a computer Use a volunteer (VITA Program) Use a tax professional Mail Return
  13. 13. The End!
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