Filing Status
•Unmarried, divorced, or legally separated according to law
SINGLE
These are the two different types of credits?
Refundable and Nonrefundable
Individual or entity that is subject to taxation and responsible to pay taxes
TAXPAYER
Employers provide this form to employees, reporting their wages, tips, and other compensation. As well as taxes withheld.
FORM W2
•Unmarried individuals who provide more than half support for themselves and qualifying dependent.
Head of Household
A refundable tax credit designed to provide financial assistance to low-to-moderate income working individuals and families in the US.
Earned Income Credit (EIC)
Amount of money that is deducted from paycheck by an employer
WITHHOLDING
This is the main individual income tax return form it is used to report income, deductions, and credits to determine your tax liability or refund.
FORM 1040
mandatory financial charges imposed by governments on individuals, businesses, and other entities.
TAXES
•Married couples who choose to file their taxes together, Often provides certain tax benefits.
Married Filing Jointly
Age, Relationship, and Residency helps determine if the taxpayer can claim ?
A Qualifying Child
This can be either itemized or standard
Types of deductions
This form can be used to report these types of income
§Freelance work
§-Interest Dividends
§-Rental income
FORM 1099
An official examination and verification of tax records to determine compliance
TAX AUDIT
•Married couples who choose to file separate returns
Married Filing Separate
A tax credit that helps families with qualifying children get a tax break.
Child Tax Credit
A range of income levels with corresponding tax rates to determine tax owed
TAX BRACKET
FORM 1098
FARM
•Allows widow(er) with dependent child and meets certain criteria to use tax rates of MFJ for up to 2 years after spouse's death.
Qualifying Widow(er)with Dependent Child
A credit for qualified education expenses paid for an eligible student for the first four years o higher education
American Opportunity Tax Credit
Profits earned from sales of assets: stocks, real estate, or artwork
CAPITAL GAINS
This form is for self-employed or small business owners. You'll use this form to report your business income, expenses, and calculate your net profit or loss
SCHEDULE C
Initial deadline to file and pay taxes
APRIL 15