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5.6 Filing your Taxes (Due 2/8/23)

Last updated 12 months ago
24 questions

In this lesson, you will learn to:

  • Identify what you need to file your tax return
  • Distinguish tax credits from tax deductions and understand how they can lower your overall tax burden
  • Complete a 1040 form to file your tax return
  • Explain how to pay back any taxes you owe or how to maximize a tax refund
  • Identify fees and penalties you will incur if you fail to file a tax return or pay back taxes owed

Teens Help With Taxes

You found out that you have to file a tax return, and maybe you’re feeling a little nervous. Watch this video to see how some teens are becoming tax experts in their communities and proving that filing a tax return doesn’t have to be an intimidating process! Then, answer the question.


Required
10

After watching this video, how do you feel about having to file your own tax return? Explain.

Tax Preparation Checklist for Teens

You’re ready to file your tax return...but, what exactly do you need before you file? Review this handy checklist of items you will need to fill out the 1040 form. Then, answer the questions.
Required
5

Which document do you need from your employer that summarizes all your deductions from the entire year?

Required
10

Use the internet to research what a 1099-MISC is and summarize what it is in your own words.

Tax Deductions vs. Credits

Reference: Standard Deductions vs. Itemized Deductions

You have all your paperwork and are ready to fill out the 1040. Not so fast! You also have to figure out if you qualify for any tax credits or tax deductions, which can actually lower your overall tax bill! Read the information from this article segment and reference slide to learn more about tax credits and deductions. Then, answer the questions
Required
10

In your own words, explain how tax deductions differ from tax credits.

Required
10

Would you rather want to take a tax deduction or a tax credit? Why?

Required
10

Why might someone want to itemize their deductions if it requires more work than simply claiming the standard deduction?

5 Things You Should Know About Filing State Income Taxes

You’ve submitted your 1040 - congratulations! But wait, don’t forget to file those state taxes! Read this article to determine whether or not you need to file state taxes, and if so, how you go about it. Then, answer the questions.
Required
10

Does your state require you to file a tax return?

Required
10

If you are e-filing your tax returns, explain why it is beneficial to file your federal and state taxes through the same e-filing service.

Required
10

When would someone need to file more than one state tax return?

Ways to File Your Taxes

You’ve got everything ready and are now ready to file your return! There are three basic ways to file your taxes. Watch this video to learn about your options and answer the questions.
Required
10
For each method of filing, list the pros and cons

Old-fashioned Paper Filing

Pro:
_______
Con:
_______
Required
10
For each method of filing, list the pros and cons. For “Tax-preparation software” no CONS are given in the video. Brainstorm on your own what potential negatives there could be with those options.

Tax-preparation Software

Pro:
_______
Con:
_______
Required
10
For each method of filing, list the pros and cons. For “Professional Tax Payers” no CONS are given in the video. Brainstorm on your own what potential negatives there could be with those options.

Professional Tax Preparers

Pro:
_______
Con:
_______

What Happens if They Find Mistakes on Your Tax Return?

While you probably spent a good amount of time making sure your tax return was error-free before submitting it, there’s always a chance that you made a mistake. So what happens if you did? Read this article to find out and answer the questions.
Required
10

How will you know if there was an error on your tax return and the IRS has made a change?

Required
10

What should someone do if they do not agree with the adjustments the IRS made?

Why Do I Owe on My Tax Return?

Ways to Make a Tax Payment

So, you filed your tax return and...you owe some taxes. Why is this the case? And how do you make your payments? Watch this video and then go to the IRS website itself to find out. Then, answer the questions


Required
10

Explain why someone would owe money to the IRS.

Required
10

What are the two primary ways you can pay the taxes you owe?

Required
10

What is one other way you can pay?

Required
10

Jill filed her taxes and found out that she owes an additional $1,500. Unfortunately, she can’t afford to pay that amount immediately. What options does she have? What are the pros and cons of using these options?

What's the IRS Penalty If I Miss the Filing Deadline?

What happens if you don’t file your tax return at all? Or, what if you don’t pay back any taxes that you owe? Read this article to learn about what penalties and fees you may face. Then, answer the questions.


Required
10

Under which of these circumstances would you incur fees from the IRS?

Required
9
Circle or highlight the options that correctly complete this sentence:

Failing to file your tax return is__________ severe than failing to pay back any taxes you owe. If you fail to file your tax return, you will be charged __________ per month, whereas if you fail to pay any taxes you owe, you will be charged __________per month
Required
10

If you are owed a tax refund, you have 3 years to file your tax return. Do you think it is a good idea to wait so long? Why or why not?

Exit Ticket

Required
3

To file your tax return, you need all of the following EXCEPT…

Required
3

Which of the following is TRUE about the difference between tax CREDITS and tax DEDUCTIONS?

Required
3

All of the following are true about e-filing taxes EXCEPT...