Essay On Reflection

As an example, my daughter. She goes to university and works full-time, her situation opened up new tax deductions and credits for her. Instead of transferring Tuition, Textbooks and Education Amount and Interest on Student Loans, as non-refundable credits to parents, she uses these credits to offset her taxes payable and received cash refund ever tax year. There are also other tax deductions and credits that a student can benefit from.

to have timely filed your return - even if it is not received by the IRS.

Furthermore, to minimize your federal tax liability, it is important to be prepared if the IRS decides to re-compute your personal income or the income at a

Taxes is when the state takes a percentage of the money you make to help the community or the state. Also one reason we get taxed is to pay off the government workers. Another reason we get taxed is to pay for the public buildings and public roads we use like libraries, schools, and highways. Finally another reason we get taxed is to help the poor or less unfortunate also to help an organization.

If this applies to you, be sure to write down all of the expenses related to childcare, healthcare, education, etc.

This was a great class, and I learned a lot this semester. One thing that I learned from this class

Taxation is an issue that has plagued the United States even prior to the founding of the

Taxation surrounds us in the world. Individuals fear tax, and a majority of the items we use and need are taxed. Even on topics such as Celebrities and the Olympics, taxation manages to find its way to still come up.

This helped me to understand what i needed to know about taxes. So now i know what insurance and taxes i should fill out rather than me not knowing. It helped understand the differences between the three taxes like Federal Income Tax, State and/or Local Tax and Payroll tax.

Taxes are the dollars that we pay to government to supply the services that are not or can not be provided through the free enterprise system. Taxes have been around since the beginning of organized societies. They come in various forms. Most common are income taxes both federal and local government. These taxes are assessed on the amount of income a person earns. Other taxes come in the form of user taxes; these taxes are imposed on the people that are using the goods being taxed, such as gas tax, alcohol tax, sales tax, and luxury taxes. Property taxes make up the major revenues for local and city governments. Furthering the burden of taxation are taxes that are attached to such bills as utility

Each form requires you to use algebraic skills such as solving equations to complete the necessary document’s information for the government to determine the individual’s tax data. There are more complicated forms depending on personal circumstances, which require more difficult math. If you have tax exempt donations, dependents, or a high income, you will be required to fill out more extensive forms and utilizing more mathematics to complete the documents. Many people hire a professional tax preparer or use tax preparation software to ensure the calculations are almost certainly correct. Utilizing algebra can save me money since I will not need a professional tax preparer to fill out my taxes if I can correctly use my acquired math

I have discovered some interesting things I have noticed in myself before taking this course. For example, my learning style I have noticed is the visual learning style.

Some people think that using a tax software is cheaper than using an accountant. Although it is “cheaper” up front, taxpayers have a better chance of getting more money back when they use a personal accountant. This is because not everybody knows what to deduct off their taxes. A few examples are tuition and fees, Individual Retirement Account (IRA) contributions, student loan interest, and many more. Also, some teachers might not know that they can deduct classroom supplies off their taxes, or someone who just moved might not know that they can deduct moving costs from their tax return (Lasser, 2017). Thus, it must be stated that not all taxpayers know what to deduct.

What is the most important concept that you learned in this class? Write this for a reader who is unfamiliar with the concept.

With tax season just around the corner, the question of whether or not to prepare your own taxes should be on your radar screen. Why? Because that decision is wise to reassess periodically to account for any significant personal changes, and it is best done in advance of filing deadline pressures. Whether you are a veteran DIYer when it comes to preparing your taxes, or you have always outsourced your tax return preparation up until now, considering your options in light of your current circumstances can help you arrive at an informed decision of what’s best for you this year.