This document provides information about calculating income taxes, including how to determine marginal tax brackets and rates, ways to reduce taxable income through deductions and credits, and tips for tax planning. The key points covered are:
1) Marginal tax brackets determine the tax rate applied to portions of income, with rates ranging from 10-35% depending on taxable income.
2) Standard deductions and personal exemptions can be claimed to reduce taxable income. Itemized deductions may also lower taxes.
3) Various tax credits can further reduce tax liability, such as credits for retirement savings, education, child care, and adoption. Filing status also impacts tax rates.
4) Proper tax planning includes legal strategies to
Tax Cuts and Jobs Act: Individual Tax Planning InsightRea & Associates
The new Tax Cuts and Jobs Act managed to pack in a lot of changes for individual filers, many of which have left more than a few of us scratching our heads. This webinar will dive into the provisions that will have the most impact on individual tax strategy, including changes associates with trusts and estates. Cindy Kula, CPA, PFS, CFP, and Inez Bowie, CPA, CSEP, have already spent countless hours combing through the legislation and additional guidance so you don’t have to. Join us for this session to find out what they found.
Tax Cuts and Jobs Act: Individual Tax Planning InsightRea & Associates
The new Tax Cuts and Jobs Act managed to pack in a lot of changes for individual filers, many of which have left more than a few of us scratching our heads. This webinar will dive into the provisions that will have the most impact on individual tax strategy, including changes associates with trusts and estates. Cindy Kula, CPA, PFS, CFP, and Inez Bowie, CPA, CSEP, have already spent countless hours combing through the legislation and additional guidance so you don’t have to. Join us for this session to find out what they found.
Tax Foundation University 2017, Part 1: Why Tax Reform? Why Now? Why Not Just...Tax Foundation
This presentation reviews key considerations in tax reform – balancing revenues, growth, and tax equity.
Charts describe the current tax system, its general framework, progressive structure, complexity, biases, and distorting features.
It also explores who pays taxes, and how markets shift the tax burden.
This presentation will be two hours in duration and will offer two CPE credits. The presentation will focus on tax law updates for both businesses and individuals that are expected to be passed. The discussion during the webinar will feature information on both sides, as they are often interdependent.
The webinar will also touch on the tax policies of some of the 2016 presidential candidates and how these policies will impact you and your organization.
Tax Foundation University 2017, Part 3: Modeling Tax Changes — Which Help, Wh...Tax Foundation
This lecture explores how the consequences of policy options can be determined and why they should guide the reform effort. The Tax Foundation's Taxes and Growth Dynamic Tax Model will be demonstrated.
Also discussed: the benefits and limitations of dynamic vs. static analysis and scoring of tax changes, which tax features harm growth the most, which potential reforms help the most, and which revenue offsets hurt the least. Differing views of how to predict the effects of tax changes on economic growth, how different models view the effect of the federal budget deficit and the Federal Reserve on the outcomes, and the proper role of monetary policy.
Register for Tax Foundation University Online here: https://taxfoundation.org/tax-foundation-university-remote/#enroll
Tax Foundation University 2017, Part 4: A Close Look at Some Major Reform PlansTax Foundation
This presentation gives you a behind-the-scenes look at several tax proposals currently being discussed on Capitol Hill.
Topics include:
What can past tax reforms tell us about the effects of different tax changes?
What are the details of the Cardin proposal, the Nunes plan, the House GOP Tax Reform Blueprint, and other prominent plans?
How does each plan compare with basic tax reform criteria?
What is each plan's economic growth potential and budget implications?
What elements make each plan work (or not)?
Watch the full video lecture here: https://youtu.be/UgPdwKarynw
Tax Foundation University 2017, Part 2: Understanding How Fiscal Changes Impa...Tax Foundation
This presentation examines how the tax system slows economic development and hampers international competitiveness.
It covers why getting the tax base right is at least as important as reducing the statutory tax rates, and examines alternative tax regimes.
It estimates what economic benefits might be attainable from a complete reform of the system, and comparea the results of going to a pure income tax versus a pure expenditure tax.
Tax Planning Update by Tracy Monroe, CPA. Presented at Cohen & Company's Client CPE Day. Covers business as well as individual tax updates.
www.cohencpa.com
Income Tax Tips for PFMs Working with Military Familiesmilfamln
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
This 90-minute webinar will address updates to tax changes that affect military families and service members. Barbara O’Neill will discuss tax basics and common tax errors during the first half hour of this interactive webinar. In the second half Taylor Spangler of University of Florida Extension will talk about the specific tax issues of concern to military families, as well as provide military specific resources for tax help and support. Carol Kando-Pineda of the Federal Trade Commission will close the session with an update on the resources available through identitytheft.gov. Find more info: https://learn.extension.org/events/3191
There are a number of ways you can reduce your 2015 tax bill. From mitigating the effect of the Net Investment Income Tax to ideas for retirement and estate planning, CBIZ MHM has outlined several tips you can use for your year end planning in our 2015 Individual Tax Planning Supplement. We encourage you to carefully consider how the strategies discussed in the supplement will benefit you and your family. You can also contact your local CBIZ MHM professional for more information.
In this Forbes Bankable webinar, tax attorney and Forbes senior editor Kelly Erb offers the tips and tools that you need to make tax season a lot less painful.
איל הורוביץ הוא אדם קשוב-פירוט ובעל רמה גבוהה של דיוק. תכנון המס מאפשרת יצירת citizento את השימוש הטוב ביותר של מספר ממס, הטבות ובקפוצ'ינו להורדת המס שלהם, האחריות מעל לשנה פיננסית.
Military Families Learning Network Webinar - his 90-minute webinar will review a variety of time-tested tax and financial planning strategies including offsetting investment capital gains with capital losses, bunching itemized tax deductions, making charitable contributions, accelerating or delaying income, using up flexible savings account (FSA) balances, adjusting income tax withholding, and maximizing contributions to tax-deferred employer retirement savings plans such as 403(b) plans and the Thrift Savings Plan (TSP). This webinar is presented on behalf of the Military Families Learning Network. https://learn.extension.org/events/1675
Tax Foundation University 2017, Part 1: Why Tax Reform? Why Now? Why Not Just...Tax Foundation
This presentation reviews key considerations in tax reform – balancing revenues, growth, and tax equity.
Charts describe the current tax system, its general framework, progressive structure, complexity, biases, and distorting features.
It also explores who pays taxes, and how markets shift the tax burden.
This presentation will be two hours in duration and will offer two CPE credits. The presentation will focus on tax law updates for both businesses and individuals that are expected to be passed. The discussion during the webinar will feature information on both sides, as they are often interdependent.
The webinar will also touch on the tax policies of some of the 2016 presidential candidates and how these policies will impact you and your organization.
Tax Foundation University 2017, Part 3: Modeling Tax Changes — Which Help, Wh...Tax Foundation
This lecture explores how the consequences of policy options can be determined and why they should guide the reform effort. The Tax Foundation's Taxes and Growth Dynamic Tax Model will be demonstrated.
Also discussed: the benefits and limitations of dynamic vs. static analysis and scoring of tax changes, which tax features harm growth the most, which potential reforms help the most, and which revenue offsets hurt the least. Differing views of how to predict the effects of tax changes on economic growth, how different models view the effect of the federal budget deficit and the Federal Reserve on the outcomes, and the proper role of monetary policy.
Register for Tax Foundation University Online here: https://taxfoundation.org/tax-foundation-university-remote/#enroll
Tax Foundation University 2017, Part 4: A Close Look at Some Major Reform PlansTax Foundation
This presentation gives you a behind-the-scenes look at several tax proposals currently being discussed on Capitol Hill.
Topics include:
What can past tax reforms tell us about the effects of different tax changes?
What are the details of the Cardin proposal, the Nunes plan, the House GOP Tax Reform Blueprint, and other prominent plans?
How does each plan compare with basic tax reform criteria?
What is each plan's economic growth potential and budget implications?
What elements make each plan work (or not)?
Watch the full video lecture here: https://youtu.be/UgPdwKarynw
Tax Foundation University 2017, Part 2: Understanding How Fiscal Changes Impa...Tax Foundation
This presentation examines how the tax system slows economic development and hampers international competitiveness.
It covers why getting the tax base right is at least as important as reducing the statutory tax rates, and examines alternative tax regimes.
It estimates what economic benefits might be attainable from a complete reform of the system, and comparea the results of going to a pure income tax versus a pure expenditure tax.
Tax Planning Update by Tracy Monroe, CPA. Presented at Cohen & Company's Client CPE Day. Covers business as well as individual tax updates.
www.cohencpa.com
Income Tax Tips for PFMs Working with Military Familiesmilfamln
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
This 90-minute webinar will address updates to tax changes that affect military families and service members. Barbara O’Neill will discuss tax basics and common tax errors during the first half hour of this interactive webinar. In the second half Taylor Spangler of University of Florida Extension will talk about the specific tax issues of concern to military families, as well as provide military specific resources for tax help and support. Carol Kando-Pineda of the Federal Trade Commission will close the session with an update on the resources available through identitytheft.gov. Find more info: https://learn.extension.org/events/3191
There are a number of ways you can reduce your 2015 tax bill. From mitigating the effect of the Net Investment Income Tax to ideas for retirement and estate planning, CBIZ MHM has outlined several tips you can use for your year end planning in our 2015 Individual Tax Planning Supplement. We encourage you to carefully consider how the strategies discussed in the supplement will benefit you and your family. You can also contact your local CBIZ MHM professional for more information.
In this Forbes Bankable webinar, tax attorney and Forbes senior editor Kelly Erb offers the tips and tools that you need to make tax season a lot less painful.
איל הורוביץ הוא אדם קשוב-פירוט ובעל רמה גבוהה של דיוק. תכנון המס מאפשרת יצירת citizento את השימוש הטוב ביותר של מספר ממס, הטבות ובקפוצ'ינו להורדת המס שלהם, האחריות מעל לשנה פיננסית.
Military Families Learning Network Webinar - his 90-minute webinar will review a variety of time-tested tax and financial planning strategies including offsetting investment capital gains with capital losses, bunching itemized tax deductions, making charitable contributions, accelerating or delaying income, using up flexible savings account (FSA) balances, adjusting income tax withholding, and maximizing contributions to tax-deferred employer retirement savings plans such as 403(b) plans and the Thrift Savings Plan (TSP). This webinar is presented on behalf of the Military Families Learning Network. https://learn.extension.org/events/1675
Canadian Tax Insights: How High Net Worth Investors Should Navigate Today’s T...Nicola Wealth
In this webinar, Nicola Wealth CEO, John Nicola will address timely taxation topics to help you understand the developments in Canadian tax policy in relation to the taxation of homes, wealth, capital gains, and marginal tax rates. John will further prepare you to navigate the current tax environment by reviewing several tax planning options available to you and how these strategies integrate with overall portfolio design.
Effect of tax cut and job act for couples over 65James Orr
Captures some of my analysis of the effect of Thrump's "Tax Cut and Job Act" on my strategy for managing my pre-tax IRA funds. Specially written for couples over 65 on Medicare due to the effect of Gross Taxable Income on both federal income tax and Medicare Premiums. Identifies general tax planning strategies and also identifies a largely unaddressed risk, which is effect of change in income tax filing status when a spouse dies (from "Married Filing Jointly" to filing as "Single").
Learn what you can do in the last few weeks of the year to save on your taxes. Topics discussed will include:
Business Tax Changes
Repair Regulations For Business Owners
Personal Tax Changes
Affordable Care Act Tax Provisions
Tax Return Refund Fraud
State and Local Tax Updates
David John, Senior Senior Strategic Policy Adviser at AARP’s Public Policy In...ILC- UK
In July 2015, the Government began a consultation on changing how the UK incentivises private pension saving, and the Chancellor is expected to respond to this consultation in the Government’s annual Budget in March 2016.
The Future of Private Pension Saving, kindly supported by Age UK, brought together Parliamentarians, business, academics and industry experts to discuss how best the UK Government can incentivise private pension saving.
The debate was opened by initial remarks from Angela Rayner MP (Shadow Pensions Minister), Jackie Wells (Head of Policy and Research, Pensions and Lifetime Savings Association), Sarah Luheshi (Deputy Director, Pensions Policy Institute), and Yvonne Braun (Director, Long-Term Savings Policy, Association of British Insurers).
On Wednesday 27th January, David John, Senior Strategic Policy Adviser at AARP’s Public Policy Institute, and Deputy Director of the Retirement Security Project at the Brookings institute delivered a presentation on tax incentives for pension saving in the US context at an informal reception hosted by Age UK.
Discussions from this event contributed to a formal representation to the HM Treasury regarding Government policy on pensions tax relief and private pension saving.
Key Takeaways:
- Payroll Taxes
- Transfer Pricing
- Global Intangible Low Taxed Income
- Controlled Foreign Corporation
- Base Erosion and Anti-Abuse Tax
- Covid Impact and Measures
Simpe Strategies to Save on Your 2014 TaxesSkoda Minotti
Learn what you can do in the last few weeks of the year to save on your taxes. Topics discussed will include:
Business Tax Changes
Repair Regulations For Business Owners
Personal Tax Changes
Affordable Care Act Tax Provisions
Tax Return Refund Fraud
State and Local Tax Updates
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
Description:
Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
Show drafts
volume_up
Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
Adjusting primitives for graph : SHORT REPORT / NOTESSubhajit Sahu
Graph algorithms, like PageRank Compressed Sparse Row (CSR) is an adjacency-list based graph representation that is
Multiply with different modes (map)
1. Performance of sequential execution based vs OpenMP based vector multiply.
2. Comparing various launch configs for CUDA based vector multiply.
Sum with different storage types (reduce)
1. Performance of vector element sum using float vs bfloat16 as the storage type.
Sum with different modes (reduce)
1. Performance of sequential execution based vs OpenMP based vector element sum.
2. Performance of memcpy vs in-place based CUDA based vector element sum.
3. Comparing various launch configs for CUDA based vector element sum (memcpy).
4. Comparing various launch configs for CUDA based vector element sum (in-place).
Sum with in-place strategies of CUDA mode (reduce)
1. Comparing various launch configs for CUDA based vector element sum (in-place).
2. 2
Objectives - be able to:
• Calculate your marginal tax rate &
apply in tax planning
• Reduce your taxable income
• Differentiate between adjustments,
deductions, & credits
• Recognize taxable income < gross
• Adjust W-4 withholding
• Avoid instant refund schemes
• Know Utah has 2 tax systems
3. 3
Introduction
• Tax Planning: Seeking legal ways to
reduce, eliminate, or defer income
taxes.
• Taxable Income: the income upon
which income taxes are levied
4. 4
Progressive vs. Regressive
• Progressive tax- tax rate increases as
taxable income increases.
– U.S. income tax
• Regressive tax- as income rises, the
tax demands a decreasing proportion of
a person’s income.
– State sales tax
5. 5
Marginal Tax Bracket and
Rate
• Marginal Tax Bracket (MTB)- one of the
6 income ranges that are taxed at
increasing rates as income goes up
• Marginal Tax Rate- the rate at which
one is taxed in each bracket
* Tax brackets are adjusted each year for inflation
6. Find MTB
• Use IRS tables or
• On tax table find:
– Taxable income & tax due
– Add $100 to taxable income and find tax
due
– The $ difference = MTB
• 10%, 15%, 25%, 28%, 33% or 35%
• Most taxpayers are in 10% or 15% MTB
6
7. 7
Progressive Nature of
Income Tax
Segment of Taxable Income
(Marginal Tax Bracket)
Marginal Tax
Rate
First $7,825 10%
Over $7,825 but not over $31,850 15%
Over $31,850 but not over $77,100 25%
Over $77,100 but not over $160,850 28%
Over $160,850 but not over $349,700 33%
Over $349,700 35%
*Single filers
8. 8
Marginal Tax Rate and
Financial Decisions
• Need to know MTB for investment
decisions
• Other financial decisions affect taxes
– Example-
• 25% MTB
• Give $100 to charity (tax-deductible)
• Essentially you give $75 to charity and the
government gives $25!!
• Only if itemized deductions> standard deduction
9. 9
Filing Status & Tax Rates
• IRS 2007 tax rate schedules
– http://www.irs.gov/formspubs/article/0,,id=1
64272,00.html
– Single
– Married, filing jointly or qualifying widower
– Married, filing separately
– Head of household
10. 10
8 Steps in Calculating Your
Income Taxes
1. Determine your total income
2. Determine and report your gross
income after subtracting exclusions
3. Subtract adjustments to income
4. Subtract either the standard
deduction or itemized deductions
5. Subtract the value of your personal
exemptions
11. 11
8 Steps to Calculating Your
Income Taxes
6. Determine your preliminary tax liability
7. Subtract tax credits for which you
qualify
8. Calculate the balance due the IRS or
the amount of your refund
12. 12
Adjusted Gross Income
(AGI)
• Income (just a few)
– Wages and Salaries
– Commissions
– Tips Earned
– Gambling and Lottery
Winnings
– Capital Gains and
Losses
• Exclusions/Adjustments
– Gifts
– Inherited money or
property
– Income from a carpool
– Federal income tax
refunds
– Child support payments
*AGI- gross income less any exclusions
and adjustments
13. 13
Personal Exemptions and
Standard Deductions
• Personal Exemptions- $3400 x number of
people that taxpayer’s income supports
• Standard Deduction- amount that all tax
payers may subtract from their AGI
– Amount depends on filing status
– Deduct itemized deductions if > SD
• You only pay fed. taxes on income > your
personal exemption(s) + standard or
itemized deductions. (taxable income)
14. 14
Personal Exemptions
• Based on the number of people
supported by the taxpayer’s income
– Spouse, children, parents, etc.
– Must provide more than half of financial
support
• For 2007 each exemption reduces
taxable income by $3,400
– Adjusted yearly for inflation
15. 15
Standard Deductions
Filing status Standard
Deduction
Single or married filing separately $5,350
Married filing jointly or qualifying
widow(er) with dependant child
$10,700
Head of household $7,850
**Do not use this chart if you are over 65.
16. 16
Itemized Deductions
1. Medical and Dental Expenses
2. Taxes You Paid
3. Mortgage Interest You Paid
4. Gifts to Charity
5. Casualty and Theft Losses
6. Job Expenses and Most Other Misc.
Deductions
17. 17
Tax Credits
• After PE and SD you determine your
Tax Liability
• Subtract tax credits
– Tax Credit- dollar-for-dollar decrease in
tax liability
– Refundable or Nonrefundable
• Refundable- can get paid even if you do not
owe income taxes! Must file to collect!
20. 20
Reduce Taxes Through
Proper Planning
• Practice legal tax avoidance, not tax
evasion.
• A dollar saved from taxes is really two
dollars - or more
– Opportunity cost
– Earning another dollar to replace one paid
to the IRS
– Earnings on a dollar not paid to the IRS
21. 21
Reduce Taxable Income Via
Your Employer
• Premium only Plan
• Transportation reimbursement plan
• Flexible Spending Accounts (FSA)
• Defined-Contribution Retirement Plan
– 401(k) Retirement Plan
– Matching Employer Contributions
23. 23
Tax Sheltered Investments
• Investments that yield returns that are
tax advantaged
– IRAs, Traditional and Roth
– Coverdell Education Savings Account
– 529 College Savings Plans
– Government Savings Bonds
– Municipal Bonds
– Capital Gains on Housing
24. 24
After-Tax Yield
• Because of tax-exempt status of some
investments they may provide lower
than average returns
• Determine the after-tax yield to see if it
is worth it.
– After-tax yield = taxable yield x (1- federal
marginal tax rate)
25. 25
After-Tax Yield
• Example-
– 35% combined federal and sate marginal
tax rate
– Municipal bond 3.5% yield
– Taxable corporate bond 5.7% yield
– 5.7 x (1- 0.35) = 3.71
• The 5.7% taxable bond is the way to go!
26. 26
Overwithholding
• When employees have their employers
withhold more in estimated taxes than the tax
liability ultimately due.
• A poor strategy of forced savings
• Opportunity cost- what could have been
done/earned with that money???
• File a new W4 to decrease your
withholding and automatically invest or
payoff debt
– http://www.irs.gov/individuals/article/0,,id=96196,0
0.html
27. 27
Top 3 Financial Missteps
1. Turn all your income tax planning over
to someone else
2. Overwithhold too much income to
receive a refund next year
3. Ignore the impact of income taxes in
your personal financial planning
28. 28
Hiring a Tax Preparer
• Anyone can be a tax preparer!!
• Make sure to do your research
– What qualifications do they have?
– How qualified do I need them to be?
– What do they charge?
– Do I want tax advise all year round?
– Make sure to check out agencies as well
as individuals
29. 29
Hiring a Tax Preparer
• Free file - AGI needs to be $54,000 or less
– http://www.irs.gov/efile/article/0,,id=118986,00.html
• USU Accounting students provide VITA
assistance in basement of USU Business
building
– Open Wednesdays 5-9 pm & Saturdays 9 am-1
pm February 13th - April 5th.
• For more info: Joe Fail [failing21@yahoo.com]
– The VITA lab will not be open March 8th, 12th,
15th, or 29th
30. 30
Tax Changes for 2007
• Deduction for mortgage insurance premiums
is phased out for taxpayers with adjusted
gross incomes exceeding $100,000 ($50,000,
if married filing separately).
• To deduct any charitable donation, taxpayers
must have a bank record or a written
communication from the recipient showing
the name of the organization and the date
and amount of the contribution.
31. 31
Utah Changes for 2007
• What's New for 2007 Tax Year
– Dual Income Tax System: The Utah
individual tax law was changed for 2007 to
allow you to calculate your Utah tax liability
two ways and then pay the lower amount.
– Utah Educational Savings Plan (529)
Deduction Expanded: The deduction for
an investment in a Utah Educational
Savings Plan has been increased for 2007.
32. 32
Utah Changes for 2007
– Utah Educational Savings Plan Credit: An
investment in a 529 may be taken as a deduction
(Part 3 of TC-40S) under the traditional tax
system. It may also be used as a credit under the
single rate tax system when calculating the tax on
line 13 of TC-40.
– Nonrefundable Residential Energy System Tax
Credit: a new credit is available for a system
installed on a residential unit that supplies all or
part of the energy required.
33. 33
Utah Changes for 2007
– Refundable Commercial Energy System Tax
Credit: A new refundable credit is available for a
commercial energy system.
• For more information -
http://incometax.utah.gov/new.php
34. 34
Receiving Your Refund
• Split refunds among up to three accounts
– banks, mutual funds, brokerage firms or credit
unions
– To encourage savings
• Direct deposit to one account
• Paper check through the mail.
IRS will process electronically filed returns in
as little as 10 days but paper refunds will take
4-6 weeks.
35. 35
A Word of Caution
• Beware of Tax Refund Anticipation
Loans (aka rapid refund)
– Very costly
– Similar to a payday loan!!
– File electronically and it is almost as fast
36. 36
A Word of Caution:
RapidTax.com
• Rapid Access Loan (1-2 Day Refund)Get a
loan in the amount of your refund in as little as 1-2 business
days after IRS acknowledgment. Loan must be approved and
fees will be deducted from the loan. Available again in January,
2008. $29.99
• *See below for additional fees charged by
SBBT bank.
– Refund Amount SBBT Fee
– $300 - $3500 3%
– $3501 - $4500 $105
– In addition to the fees stated above,there is an
account handling fee of $30.95.
37. 37
On a Lighter Note
• The guy who said that truth never hurts never
had to fill out a Form 1040.
• Another difference between death and taxes
is that death is frequently painless.
• Children may be deductible, but they are still
taxing.
• Tax Humor (page 1) From Tom Antion & Associates -
http://www.antion.com/humor/speakerhumor/taxes.htm
38. 38
March 5, 2007!!
• Investment Planning
– Note that it is the FIRST Wednesday due
to Spring Break!!
– Remember to bring a friend!