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.
After watching this video, how do you feel about having to file your own tax return? Explain.
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.
Which document do you need from your employer that summarizes all your deductions from the entire year?
Use the internet to research what a 1099-MISC is and summarize what it is in your own words.
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
In your own words, explain how tax deductions differ from tax credits.
Would you rather want to take a tax deduction or a tax credit? Why?
Why might someone want to itemize their deductions if it requires more work than simply claiming the standard deduction?
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.
Does your state require you to file a tax return?
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.
When would someone need to file more than one state tax return?
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.
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.
How will you know if there was an error on your tax return and the IRS has made a change?
What should someone do if they do not agree with the adjustments the IRS made?
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
Explain why someone would owe money to the IRS.
What are the two primary ways you can pay the taxes you owe?
What is one other way you can pay?
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.
Under which of these circumstances would you incur fees from the IRS?
To file your tax return, you need all of the following EXCEPT…
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?
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?
Which of the following is TRUE about the difference between tax CREDITS and tax DEDUCTIONS?
All of the following are true about e-filing taxes EXCEPT...
