Tax Forms
$14,600, $29,200, and $21,900
What are the standard deduction amounts for 2024?
These are amounts that every one who has a specific filing status gets to deduct. These reduce your taxable income
This country music star released “The IRS Tapes: Who’ll Buy My Memories?” to help pay off his tax debts.
Who is Willie Nelson?
In 1990, the IRS hit the country crooner with a hefty bill for $17 million in unpaid back taxes. Faced with financial hardships, Nelson was unable to pay the owed amount. This predicament resulted in the seizure of his assets, including his ranch and a significant portion of his cherished memorabilia. Nelson struck a unique deal with the IRS to settle the outstanding debt and recorded an album that poked fun at his financial plight. This compilation featured Nelson performing some of his past hits, showcasing his musical talent with only his voice and guitar.
Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming all have what in common
What are states with no state income tax?
The IRS suggest doing this to get your refund faster
What is e-filing?
This tax credit provides substantial support to low- and moderate-income working parents who claim a qualifying child based on relationship, age, residency, and tax filing status requirements. It provides a much smaller amount of support to workers without qualifying children (often called childless workers).
What is the Earned Income Tax Credit (EITC)
By design, the EITC only benefits people who work. Workers receive a credit equal to a percentage of their earnings up to a maximum credit. Both the credit rate and the maximum credit vary by family size, with larger credits available to families with more children. After the credit reaches its maximum, it remains flat until earnings reach the phaseout point. Thereafter, it declines with each additional dollar of income until no credit is available
Senior Citizen file this type of tax return
What is a 1040-SR
in 1987 the IRS required taxpayers to list this for all dependents resulting in 7 million children "disappearing"
What are social security numbers?
This famous scientist apparently did not understand taxes
Who is Albert Einstein?
Filing Form 4868 allows this.
What is extend your individual return filing date by 6 months.
For 2025, individual tax returns are due on Tuesday, April 15, 2025. Filing a From 4868 gives a taxpayer an automatic filing extension until October 15, 2025. It does not, however, allow taxpayers to pay the taxes late without interest and/or penalties.
These credits can be used when taxpayers incur qualified education expenses, but are subject to phaseouts based on Adjusted Gross Income (AGI).
What are the American Opportunity Tax Credit and the Lifetime Learning Credit
The American Opportunity Tax Credit (AOTC) is a tax credit for qualified education expenses associated with the first four years of a student’s post secondary education. The maximum annual credit is $2,500 per eligible student. The student, someone claiming the student as a dependent, or a spouse making post secondary education payments can claim the AOTC on their tax return
The Lifetime Learning Credit is for qualified tuition and education-related expenses paid for by eligible students enrolled in an eligible educational institution.
This credit can help pay for undergraduate, graduate, and professional degree courses, including courses to acquire or improve job skills.
There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
Some taxpayer have one of these instead of a SSN
What is an Individual Taxpayer Identification Number (ITIN)?
Tax-processing number issued by the Internal Revenue Service (IRS) to ensure that people—including undocumented immigrants—pay taxes even if they do not have a Social Security number (SSN) and regardless of their immigration status.
The ITIN was created by the IRS in July 1996 to allow foreign nationals and other individuals who are not eligible for a SSN to comply with U.S. tax laws.
The ITIN is a nine-digit number that always begins with the number 9 and has a range of numbers from 50 to 65, 70 to 88, 90 to 92, and 94 to 99 for the fourth and fifth digits. The ITIN is formatted like a SSN: 9XX-XX-XXXX.
The original Tax Day (The date that individuals were originally required to file their tax returns by)
What is March 1st?
March 1st was the date specified by Congress in 1913, after the passage of the 16th amendment. In 1918 Congress set the date to March 15th, where it remained until the tax overhaul of 1954, when the date was again moved to April 15th
This Astronaut really had a problem when he asked the crew on the ground in Houston how to file an extension since he neglected to file his taxes due to getting assigned to Apollo 13 last min.
Who is Jack Swigert?
This tool on the IRS website, also called the payment checkup, can estimate if a taxpayer will owe or get a refund
What is the Tax Withholding Estimator?
Use this tool to:
Results are as accurate as the information you enter.
https://apps.irs.gov/app/tax-withholding-estimator
Property taxes, Gambling losses, Charitable Contributions, Real Estate taxes, state and local taxes, and mortgage interest are types of these
What are Itemized Deductions
This form determines how much tax will be withheld from your pay.
What is Form W-4.
Employees complete Form W-4 to inform their employers how much tax to withhold from their paychecks.
The amount withheld is based on factors like filing status, dependents, anticipated tax credits, and deductions.
Incorrectly filling out the W-4 could result in underpayment or overpayment of taxes.
You can submit a new W-4 if your circumstances change, such as a new job or a change in dependents.
A new W-4 must be completed with each new employer
The highest marginal income tax rate ever was this.
What is 94%
Marginal tax rate is defined as the rate of tax on the next dollar of income. Marginal tax rates are commonly associated with our income tax brackets are are determined by filing status and income level.
For 2024 the Single Filer tax brackets range from 10% for taxable incomes of $0 - $11,600 to 37% for Taxable incomes over $609,350.
The top individual marginal income tax rate tended to increase over time through the early 1960s, with some additional bumps during war years. The top income tax rate reached above 90% from 1944 through 1963, peaking in 1944, when top taxpayers paid an income tax rate of 94% on their taxable income.
In NJ, Iowa and Pennsylvania these are exempt from sales tax if you plan to eat them, but are taxable if painted, cut or sold as decorations.
What are Pumpkins?
This is the standard statute of limitations for the IRS to review tax returns.
What is 3 years after the later of the filing date or original return due date.
However-
The statute increases to 6 years in cases of a 25% income understatement or if you omitted more than $5,000 of foreign income.
There is no time limit if you have failed to file or if the IRS suspects fraud.
This type of credit reduces your tax liability, but only down to zero and this type of credit can reduce your tax liability below zero.
What are nonrefundable and refundable credits?
The tax form you file with your Form 1040 to report income and expenses for your business
What is Schedule C.
Profit or Loss from Business is an Internal Revenue Service (IRS) tax form that is used to report income and expenses for a business. Schedule C must accompany Form 1040, which is a taxpayer's main tax return. Self-employed individuals, sole proprietors of a business, or a single-member limited liability company (LLC) must report any activity conducted for income or profit using Schedule C. The resulting profit or loss calculations are commonly considered self-employment income.
The Current Tax Payment Act of 1943 forced companies into doing this
What is withholding taxes from paychecks?
During World War II, Congress introduced payroll withholding and quarterly tax payments with the vote of the Current Tax Payment Act of 1943 :
In their History of the U.S. Tax System, the U.S. Department of Treasury describes tax withholding.
"This greatly eased the collection of the tax for both the taxpayer and the Bureau of Internal Revenue. However, it also greatly reduced the taxpayer's awareness of the amount of tax being collected, i.e. it reduced the transparency of the tax, which made it easier to raise taxes in the future."
This iconic New York City Venue has not had to pay property taxes since 1982 due to disputed wording in an agreement
What is Madison Square Garden?
In 1982, New York gave the property-tax exemption to Madison Square Garden, home to hockey’s Rangers and basketball’s Knicks in an effort to prevent professional sports franchises from leaving the city.
The city’s Department of Finance estimates the tax break was worth about $42 million in 2023, and cumulatively, MSG has avoided paying $947 million, measured in 2023 dollars.
The IRS initiates most contacts through these
What are letters and notices?
If a taxpayer is blind and/or over the age of 65 they what get increased?
What is the standard deduction?
Additional standard deduction amounts for age and eyesight:
Married Filing Jointly = $1,550
Single or head of household = $1,950