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DIFFERENT TYPES OF TAXES- Shashwat Sreenivasan and Bryce Carter

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DIFFERENT TYPES OF TAXES- Shashwat Sreenivasan and Bryce Carter

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What can you deduct from your taxes as a business owner?

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What can you deduct from your taxes as a business owner?

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Watch this video to learn more about Earned Income Tax and if you or your family qualify:

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What is the Earned Income Tax Credit and Do You Qualify For It?

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Filing taxes as head of household / as a single

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Filing taxes as head of household / as a single

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Filling taxes as head of household/as a single means to meet its requirements of paying for more than half of the household expenses (rent or mortgage, utility bills, insurance, property taxes, groceries, repairs, etc.), considered unmarried for the tax year, and having a qualifying child/dependent.

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Earned income credit (What is it and how does it work?)

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Earned income credit (What is it and how does it work?)

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(AMALIA GONZALEZ & HANNAH HILAL)

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- Different types of taxes can be deducted from your "taxes". Taxes like: state and local income tax, real estate taxes, property tax, etc. Up to $10,000 can be written off these different type of taxes

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Should Married couples file taxes Separately or Jointly (Together)?

Team Members:
Patrick Baker & Brandon Hill

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Having office space in your home saves you from mortgage interest, insurance, and repairs

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1099 forms are used by contractors to report payments made through business or other services.

Contractors have to fill out a form mentioning all of the payments they have made to employers or even subcontractors so that they can be taxed correctly instead of incorrectly.

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Any money that you spend to advertise your business can be 100% deductible on your tax return as long as the money was for promoting your business

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Filing taxes as a dependent (how does it work/ etc.), and who is considered a dependent? 

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Filing taxes as a dependent (how does it work/ etc.), and who is considered a dependent? 

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When your parents claim you as a dependent on their taxes they get certain tax benefits. As a dependent you're not allowed those same benefits if you were to file your taxes because you have a source of income.

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Pros:
It can lower your student loan.
It allows you to refund your liability from your spouse.

Cons:
You might miss out on tax credits or deductions.
Your taxes might be higher if your spouse earns an unequal amount of money to you.

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Pros:
Higher standard deduction becomes available.
Higher Refund.
You become eligible for tax credits.

Cons:
Responsible for spousal debt.
Student loans increase and school funding decrease.

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When you file taxes separately, you get a lower student loan payment, but when you file jointly you have a higher income celling.

Lets say you make $20,000 a year and your spouse makes $80,000. It would be better to file under separately because your tax rate would be 12% of $20,000, compared to their tax rate of 22% of $80,000. If you filed Jointly, your total earnings a year would be
$100,000, meaning the tax rate would be 22%.

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Both of them have their separate perks. If you're a student who needs every benefit they can get, pick Filing Separately, if you're a hard working businessperson then pick Filing Jointly.

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Owning a business always comes with the need for basic office supplies. Same with marketing, whatever money you spent on supplies can be fully deducted from your tax returns

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Cars are an everyday use in the world today. Small business owners use vehicles to get stuff done. If proven to the IRS that you vehicle is for business purposes, Tax deduction can be taken off of that. The amount of deduction you can receive is based on how many miles driven

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When you go on your lunch break or host an office party for you and your employees, it's eligible for deductions. Regular meal breaks can be 50% deducted and any office event that involves providing food is 100% deductible

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Any insurance you bought towards your business can be 100% deductible. It may be property coverage, liability coverage, health insurance for employees, auto insurance, etc.

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Spending money on lawyers, accountants, tax preparers, and online bookkeeping for your business can be deducted 100%

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https://www.irs.gov/businesses/small-businesses-self-employed/forms-and-associated-taxes-for-independent-contractors

https://www.sjgorowitz.com/need-to-file-1099-misc-for-2018-what-you-need-to-know/

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Earned Income Credit (EIC) is a tax credit available to low income earners. In some cases the EIC can be greater than your total income tax bill, providing an income tax refund to families that may have little or no income tax withheld from their paychecks. Use this calculator see if you qualify for the Earned Income Credit, and if so, how much it might be worth to you and your family.

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Earned Income Tax Credit Calculator - EIC

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Earned Income Credit (EIC) is a tax credit available to low income earners. In some cases the EIC can be greater than your total income tax bill, providing an income tax refund to families that may have little or no income tax withheld from their paychecks.

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A short Infographic on Earned Income Tax: 

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A short Infographic on Earned Income Tax: 

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https://www.nerdwallet.com/article/taxes/can-you-take-earned-income-tax-credit#:~:text=For%20the%202020%20tax%20year,how%20many%20children%20you%20have.

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc

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What it means for you as a worker if you receive a 1099 as opposed to a W-2

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What it means for you as a worker if you receive a 1099 as opposed to a W-2

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A 1099 form is usually used to report payment transactions that are made to contractors and the W-2s are usually just used for just employees.

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https://squareup.com/us/en/townsquare/1099-vs-w2-which-do-you-want#:~:text=1099s%20and%20W%2D2s%20are,payroll%20taxes%20from%20their%20earnings).

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Literal definition from investopedia: Taxes are involuntary fees levied on individuals or corporations and enforced by a government entity—whether local, regional or national—in order to finance government activities. [1]

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We pay taxes basically to fund the state and national government. We also pay it to fund services and for protection.

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According to a financial blog article smart asset [2], there are thousands of types of taxes. I'm pretty sure there's going to be a tax when we go to the restroom or go down the stairs and probably going on boats, dumping tea. Here is the list below with descriptions:

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To file taxes as a single means to be unmarried on the last day of the year or to be legally separated from a spouse under a divorce. (Could be better off filing as head of household due to lower tax bill)

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A form w-2 is a tax form that is used to file federal and state taxes. It shows a specific amount of taxes that will be withheld from a paycheck for the year.

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Filing Your Taxes (Jack Middleton & July Crawford)

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Filing Your Taxes (Jack Middleton & July Crawford)

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When filing your taxes, there are many different ways that you can approach it. You can collect your tax documents and bring them to a professional, or you can save the money and do them yourself. Regardless of which method you choose, it is important to remember that the deadline for filing your taxes is April 15th every year.

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It is required by the IRS for employers to report wage and salary information on the Form W-2. The form is sent by January 31st at the beginning of the year and closes at the end of the tax year, which is December 31st. This form is only sent out to people who are employees.
Source:

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The federal tax filing deadline for individuals has been extended to May 17, 2021. Quarterly estimated tax payments are still due on April 15, 2021. For additional questions and the latest information on the tax deadline change, visit our "IRS Announced Federal Tax Filing and Payment Deadline Extension" blog post. For information on the third coronavirus relief package, please visit our "American Rescue Plan: What Does it Mean for You and a Third Stimulus Check" blog post.
Introduction

The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck. As an employee, the information on your W-2 is extremely important when preparing your tax return. To insure you have it in time, the IRS requires your employer to send you a W-2 no later than January 31 following the close of the tax year, which is usually December 31.

You should only receive a W-2 if you are an employee. If you are an independent contractor or self-employed, the work you do may be the same as an employee, but you will receive an earnings statement on a Form 1099 rather than a W-2.

The W-2 form is divided into boxes that report various items relating to your income. In box 1 of the W-2 you will find your annual wage and salary payments with the amount of federal tax withheld from it in box 2.

Since only a portion of your income is subject to the Social Security tax, you may find that box 3 reports an amount that is less than your total wages for the year. Other boxes on the W-2 form include your wages subject to Medicare tax, Social Security taxes that are withheld and information on your state income tax withholding, if applicable.

Importance of your tax withholding

When your employer withholds amounts from your paycheck for federal income taxes, those amounts are remitted to the IRS throughout the year. You may not realize it, but in most cases, you cannot wait until the filing deadline to pay your entire tax bill. The IRS requires everyone to make periodic payments throughout the year; however, your employer takes care of this for you.

When you prepare your federal return and calculate your tax for the year, the withholding amount your employer reports on the W-2 must be subtracted from your tax bill. Once you perform this calculation, you will know whether to expect a refund or make an additional tax payment. If you file a state income tax return, the same calculation is necessary for the amount withheld to pay your state income taxes.

Verifying your name and Social Security number

The identifying information section of the W-2 is essentially a tracking feature. If the income you report on your taxes does not match the information on your W-2, the IRS will want to know why. Similarly, the IRS will match the reported payment amounts with your employer's corporate tax return for accuracy.

But most importantly, since the IRS receives a copy of your W-2, it already knows whether you owe tax and may contact you if you fail to file a tax return. If the name or Social Security number on your W-2 is inaccurate, you should immediately report this to your employer to correct.

Attaching your W-2

When you finish your tax returns and get ready to file them, remember that a copy of your W-2 must always be attached. If you e-file using TurboTax then your W-2 information is sent along with your tax return. However, if you are filing your tax return by mail then you need to place a copy on the front of your return.

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The federal tax filing deadline for individuals has been extended to May 17, 2021. Quarterly estimated tax payments are still due on April 15, 2021. For additional questions and the latest information on the tax deadline change, visit our "IRS Announced Federal Tax Filing and Payment Deadline Extension" blog post.

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These are the standard deduction that people can have on their taxes.

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The Form W-2 is also known as the Wage and Tax Statement. Some main points about the W-2:
- it reflects the income earned and taxes withheld from the year before for each employee.
- the employers use this form to report FICA taxes. (Federal Insurance Contributions Act): a law that mandates a payroll tax on paychecks of employees and contributions from employers, which is used as funding for Social Security and Medicare.
- the form is tracked by the IRS to see other's tax requirements or obligations.
Source: https://www.investopedia.com/terms/w/w2form.asp

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1099 are very important when if comes to a contractors job, because without them the rates of what they are paying could be all messed up and that would be very good or them or their companies.

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Standard deduction is the portion of a person income that isn't subjected to tax. Which can lower your tax bill.

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Once your taxes have been filed, you will be eligible to receive your tax refund. A tax refund is a payment made to a taxpayer that has paid more than they owe. Tax refunds may be received in as little as 8 days after your taxed have been filed, and the average refund in Florida is $2844.

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As stated above, some people decide to file their own taxes. This can be a complicated process so here is a video explaining more in depth how to do it step by step.

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TAX RETURN BASICS / SINGLE FILING STATUS / NO DEPENDENTS / FORM 1040 PERSONAL RETURN / CPA STRENGTH

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Before you can have the deduction off of your tax bill you have to choose between a standard deduction and an itemized deduction.
When you do get the deduction it is going to be based off of many things, such as your age, filing status, health, and other criteria.
If you choose the itemized deduction then you can have charity donations, sales tax, mortgage interest, real estate taxes, and couple other taxes.

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https://www.cnet.com/personal-finance/taxes/hey-irs-wheres-my-refund-heres-how-to-track-your-2020-tax-return-status/

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

https://www.efile.com/tax-day-deadlines/#:~:text=The%202018%20Return%20refund%20deadline,and%20to%20claim%20your%20refund.

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Information from the employer, employee, and/or business is needed in a W-2 form, here's what's needed from them.
Business Information:
- employer ID number
- business name and address
- business' state tax ID number
Employee Information:
- social security or tax identification number
- name and address
Employee Earnings Information:
- total wage, tip income, or other income
- total SS wages
- total Medicare wages
- SS tips & other tips
Source: https://www.thebalancesmb.com/what-is-a-w-2-form-398522

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A contractor is a person who pays people do do jobs such as construction and going all they was to tech work. These people get paid on conditions that have been predetermines, whether it is hourly or by how much work was completed. Contractors get effected by taxes by them being listed as independently employed meaning they will be taxed in different ways as well as having to fill out tax return form to the IRS.

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https://www.irs.gov/forms-pubs/about-form-w-2
https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-a-w-2-form/L6VJbqWl5
https://www.investopedia.com/terms/w/w2form.asp
https://www.thebalancesmb.com/what-is-a-w-2-form-398522
https://www.investopedia.com/terms/f/fica.asp

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tax on the money people spent and not on the money that people earn. Most commonly known consumption taxes is "Sales Tax". Taxes on specific goods are also consumption taxes and even some government officials usually propose a federal consumption tax.

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Your standard deduction can be higher if you fall under different categories. So if you were blind your standard deductions increases by $1,650. Another is if you or your spouse (If you have filed as married   filing jointly) is over 65 years of age your standard deduction increases by $1,300.

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https://smartasset.com/taxes/independent-contractor-taxes#:~:text=For%20tax%20purposes%2C%20the%20IRS,employment%20are%20%24400%20or%20more.

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[2]- https://smartasset.com/taxes/types-of-taxes
[1]- https://www.investopedia.com/terms/t/taxes.asp

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Many business owners and their employees have to travel for meetings and other things of that nature. As a business owner, travel expenses can be deducted as long as their is proof with kept records of your travels that prove it is business related.

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The deduction allows for you to have to pay less on your tax bill.
Standard deduction insures that households that only have incomes above a certain amount will own any income tax.

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For itemized deduction there is a limit for the amount of money you can have deducted. Such as you can only claim a $300 charitable donation for your deduction, and if you are married and you are filing together then you can have up to a $600 deducted. They could deduct their entire property tax, but they have to choose whether they want to deduct their sales tax or their income tax and their sales tax. There wasn't a max for the amount you could deduct, but the TCJA capped the max SALT deduction at $10,000.

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https://www.aarp.org/money/taxes/info-2019/tips-on-deducting-charitable-donations.html

https://www.irs.gov/help/ita/how-much-is-my-standard-deduction

https://www.investopedia.com/terms/s/standarddeduction.asp

https://clarknuber.com/articles/the-change-in-the-standard-deduction-affects-charitable-giving/

https://longislandtax.net/how-the-cap-on-itemized-deductions-for-salt-change-your-tax-burden/

https://www.taxpolicycenter.org/briefing-book/what-standard-deduction#:~:text=The%20standard%20deduction%20reduces%20a,and%20the%20taxes%20they%20owe.

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Watch and share I'm Here For The Money. Money. GIFs by morchok on Gfycat

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Business write offs are included in your annual income tax returns. In order to submit write offs to the IRS, you need to have a profitable business. Small businesses usually fill out the form of Schedule C. When you do your write offs, it's good to properly categorize your deductions offered by the IRS. Be prepared by keeping backup documentation for all business expenses and after, keep these records for at least 3 years after you file for return.

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Xavier Perez
Geraldine Torres de Alba

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https://www.investopedia.com/terms/s/single.asp

https://turbotax.intuit.com/tax-tips/family/guide-to-filing-taxes-as-head-of-household/L4Nx6DYu9

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A sales tax is a tax payable on such products and services to a regulating authority. Usually the legislation allows the vendor at the point of sales to collect the consumer's tax funds. Where a buyer actually pays a tax on products or services to a lead authority, it is also referred to as a tax on use. - bryce carter

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Corporate tax is often a direct tax on revenue or capital of corporate companies or similar legal entities, and is also known as corporate tax or corporate tax. These taxes may be levied at national level by certain countries and a similar tax can be imposed at national or local level. - bryce carter