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.
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Question 1
1.
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.
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Question 2
2.
Which document do you need from your employer that summarizes all your deductions from the entire year?
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Question 3
3.
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
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Question 4
4.
In your own words, explain how tax deductions differ from tax credits.
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Question 5
5.
Would you rather want to take a tax deduction or a tax credit? Why?
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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.
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Question 7
7.
Does your state require you to file a tax return?
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Question 8
8.
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.
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Question 9
9.
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.
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Question 10
10.
For each method of filing, list the pros and cons
Old-fashioned Paper Filing
Pro:
_______
Con:
_______
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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.
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Question 13
13.
How will you know if there was an error on your tax return and the IRS has made a change?
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Question 14
14.
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
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Question 15
15.
Explain why someone would owe money to the IRS.
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10
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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.
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Question 20
20.
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
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Question 21
21.
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
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3
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Question 6
6.
Why might someone want to itemize their deductions if it requires more work than simply claiming the standard deduction?
Question 11
11.
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:
_______
Question 12
12.
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:
_______
Question 16
16.
What are the two primary ways you can pay the taxes you owe?
Question 17
17.
What is one other way you can pay?
Question 18
18.
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?
Question 19
19.
Under which of these circumstances would you incur fees from the IRS?
Question 22
22.
To file your tax return, you need all of the following EXCEPT…
Question 23
23.
Which of the following is TRUE about the difference between tax CREDITS and tax DEDUCTIONS?
Question 24
24.
All of the following are true about e-filing taxes EXCEPT...