Per.fin.p pt f filing a tax return

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Per.fin.p pt f filing a tax return

  1. 1. 16th Amendment to US ConstitutionThe Congress shall have power to lay and collect taxes on incomes,from whatever source derived, without apportionment among theseveral states, and without regard to any census or enumeration.
  2. 2.  Citizens ◦ pay income taxes based on the $ earned ◦ take deductions based on $ spent on deductible items (according to tax laws) ◦ Complete the tax return form Taxpayers are legally responsible for ◦ Accurate record keeping ◦ Filing a tax return on time ◦ Paying any additional tax due
  3. 3.  Record of Earnings ◦ W-2 (from employer) ◦ 1099 ◦ Interest Earned ◦ Dividends Earned ◦ Business Profits  Deductions for Expenses ◦ Dependents ◦ Interest paid ◦ Taxes paid  State, federal (IRS), property ◦ Dependent care ◦ Medical Expenses
  4. 4.  Individual  Business ◦ 1040 EZ ◦ 1120 ◦ 1040 ◦ Business Schedules
  5. 5.  Download forms from the IRS USPS has paper forms  Can I complete Paid tax preparers return myself? provide forms  YES ◦ Liberty Tax ◦ IRS website has ◦ H&R Block tutorials ◦ Local individuals ◦ Software available  Turbo Tax  H & R Block
  6. 6.  Federal Tax Return NC Tax Return April 15th following end of calendar year (December 31)
  7. 7.  Federal Return  State of NC Return Internal Revenue  NC Department of Service (IRS) Revenue ◦ Raleigh, NC  Not all states have state income tax ◦ Ex: Florida
  8. 8.  Do I get a refund? ◦ Deductions from paychecks for income taxes are estimates & paid into your IRS account ◦ Actual $ owed is calculated at end of year based on deductions ◦ IF your tax due is MORE than you paid in during Who issues Refunds? year, you OWE the IRS. Federal ◦ IF your tax due is LESS ◦ The US Treasury than you paid in during Department year, the IRS OWES you. State ◦ NC Department of Revenue ◦ Other state tax offices
  9. 9.  What if I do not file a tax return?  Subject to state & Not paying the federal laws taxes that are due ◦ Fines to the government ◦ Interest charges on Lying about amount money due Not filing return at ◦ Imprisonment all
  10. 10.  Tax returns are subject to audit May be charged with tax evasion

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