Income tax continued
<ul><ul><li>Estimated Taxes </li></ul></ul><ul><ul><ul><li>Those who earn in different ways </li></ul></ul></ul><ul><ul><u...
<ul><ul><li>Tax Refund </li></ul></ul><ul><ul><li>If you have overpaid your with holdings and you have paid more than you ...
<ul><ul><li>Form 4868 gets you an automatic 6 month extension to file </li></ul></ul><ul><ul><li>You still need to pay wha...
<ul><ul><li>1 % chance if you make under $50,000 </li></ul></ul><ul><ul><li>5% chance is you make over $100,000 </li></ul>...
<ul><ul><li>IRS will do them for you if you make under 100k if you send certain info. </li></ul></ul><ul><ul><li>IRS provi...
<ul><ul><li>National and Local Tax Services </li></ul></ul><ul><ul><li>Certified Public Accountants </li></ul></ul><ul><ul...
<ul><ul><li>Maximizing deductions </li></ul></ul><ul><ul><li>Income shifting </li></ul></ul><ul><ul><ul><li>Allocate towar...
Upcoming SlideShare
Loading in …5
×

Chapter 3 Part 2

678 views

Published on

class notes for the day i'll be gone at cursillo. The sub should play the lecture for you.

Published in: Technology, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
678
On SlideShare
0
From Embeds
0
Number of Embeds
7
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Chapter 3 Part 2

  1. 1. Income tax continued
  2. 2. <ul><ul><li>Estimated Taxes </li></ul></ul><ul><ul><ul><li>Those who earn in different ways </li></ul></ul></ul><ul><ul><ul><li>Lawyers, consultants, business owners </li></ul></ul></ul><ul><ul><ul><li>Pay estimated taxes four times a year April 15, June 15, September 15, and January 15 as part of pay as you go </li></ul></ul></ul><ul><ul><li>April 15th Filing Deadline </li></ul></ul>
  3. 3. <ul><ul><li>Tax Refund </li></ul></ul><ul><ul><li>If you have overpaid your with holdings and you have paid more than you owe you are eligible. </li></ul></ul><ul><ul><li>Many families overpay and receive an annual refund check. </li></ul></ul><ul><ul><li>Pros and cons to this. </li></ul></ul>
  4. 4. <ul><ul><li>Form 4868 gets you an automatic 6 month extension to file </li></ul></ul><ul><ul><li>You still need to pay what you expect to owe </li></ul></ul><ul><ul><li>1040 x can amend if you think you overpaid or made a mistake </li></ul></ul>
  5. 5. <ul><ul><li>1 % chance if you make under $50,000 </li></ul></ul><ul><ul><li>5% chance is you make over $100,000 </li></ul></ul><ul><ul><li>15% find taxes correct </li></ul></ul><ul><ul><li>5% find additional refund </li></ul></ul><ul><ul><li>80% find people under paid </li></ul></ul>
  6. 6. <ul><ul><li>IRS will do them for you if you make under 100k if you send certain info. </li></ul></ul><ul><ul><li>IRS provides helpful guides </li></ul></ul><ul><ul><li>Must take standard deductions </li></ul></ul>
  7. 7. <ul><ul><li>National and Local Tax Services </li></ul></ul><ul><ul><li>Certified Public Accountants </li></ul></ul><ul><ul><li>Enrolled Agents </li></ul></ul><ul><ul><li>Tax Attorneys </li></ul></ul>
  8. 8. <ul><ul><li>Maximizing deductions </li></ul></ul><ul><ul><li>Income shifting </li></ul></ul><ul><ul><ul><li>Allocate towards other family member in lower bracket </li></ul></ul></ul><ul><ul><li>Tax Free – Tax deferred income </li></ul></ul><ul><ul><ul><li>Municipal bonds tax free bonds IRA’s etc. </li></ul></ul></ul>

×