1 / 24

Your Income Tax

Your Income Tax. March 17, 2010 Sarah Gustafson VITA Volunteer 323-651-4509 sarahcharlotte999@yahoo.com . Your Income Tax. Why? Where? How?. Introduction to Tax. You are taxed on your income. If you have a paycheck, you will see Federal Income Tax (~10%, 15%, 25%..)

makani
Download Presentation

Your Income Tax

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Your Income Tax March 17, 2010 Sarah Gustafson VITA Volunteer 323-651-4509 sarahcharlotte999@yahoo.com

  2. Your Income Tax • Why? • Where? • How?

  3. Introduction to Tax • You are taxed on your income. • If you have a paycheck, you will see • Federal Income Tax (~10%, 15%, 25%..) • California - State Income Tax (~1%, 2%, 4%) • Social Security (6,2%) • Medicare (1,45%)

  4. Why do we need to file? • The US Government makes laws about things that can change your taxes. • For example, you may have children you support. So you don’t need to pay as much tax. • Every April 15 Americans report their living situation to the government. • Sometimes people get money returned. Sometimes they have to pay more. • Javhlan will explain more about the US Tax System.

  5. Who Must File? (Federal) • Single >$9,350 • Head of Household >$12,000 • Married Filing Jointly >$18,700 • Any person who made more than $400 Self-Employed • Examples: Many Home Workers and Cooks • Any person who did not pay taxes on tips • Examples: Waiters, Drivers, Valets

  6. Who must file? (CA State) • Single > $14,622 • Married Filing Jointly > $29,245 • (different if you have dependents)

  7. Why File Taxes? • Newcomers to the United States have good reasons to file taxes. • 3 reasons • First, you need to file taxes if you want to apply for an ITIN. • W-7 Form

  8. ITIN • Individual Taxpayer Identification Number • Sometimes used to open bank account • Build credit history • A number that belongs to YOU. • Help build future in USA

  9. Applying for a ITIN • Javhlan will explain more! • Must send in Tax Return and ITIN Application (W-7) at same time. • Must have Federal Filing Requirement to apply. • Can apply for children, spouse as well.

  10. Taxes and Immigration Status • Many immigrants file taxes because it may help with immigration issues. • If you apply for Residency, Green Card -- Immigration Authorities will ask if you paid taxes properly. • Filing taxes is “good moral character”

  11. Tax Refunds • Money (check) from the government • W-2 Withholding • Many children or other dependents

  12. Za… Where do I file taxes? • Many places. Here are two. • 1) If you have complicated taxes, or would prefer to work with a native Mongolian speaker, in Koreatown… • Javhlan CPA

  13. Free Tax Assistance • You can get your taxes filed FREE. • The IRS (Tax Authority) trains volunteers to prepare taxes for free. • I am an IRS Volunteer Preparer. • Glendale College • 1500 N. Verdugo - Glendale, CA 91208 • San Rafael Building • Saturdays 9 am - 2 pm

  14. Glendale College directions • Take “2” Freeway North • Exit (left) at Mountain Street • Turn right on Verdugo Rd. • About 12 miles • San Rafael Building • Ask for Sarah

  15. What do I bring? • Common Sources of Income • W-2 (withholding) • 1099’s • 1099-MISC - Self Employed • Tips

  16. Self-Employed Income • How much money did you make? • 1099-MISC • Copies of checks to you. • Hand-written document is OK. • You are taxed on your profit. • Expenses • Mileage record (where, when, why?) • Car insurance, registration • Tools, materials, supplies

  17. Other sources of income • Non-US income (if citizen or resident alien) • Non-US taxes • Interest (1099-INT) • Gambling (1099-G) • Government Benefits • Rental Income • Expenses: repairs, cleaning, ads • Partnerships

  18. Family Information • Need information about you and your family members who live with you • Name, Date of Birth • Address • SSN or ITIN (if available) • If SSN, must be valid. • Non-Resident Alien, Resident Alien, Citizen?

  19. Dependents • You may pay less tax if you have dependents. • Do you support children, parents, or family? • Be able to say: • Names, Date of Birth, Relationship • SSN or ITIN (if available) • Whether they live with you or not • How much support you give • Disabled?

  20. Children and Education • Child Tax Credits • Student Loan Interest Deduction • Education Credits • Bring “1098-T” • Bring receipts or records of school books, computers paid.

  21. Housing Records • Renter’s Credit • Bring Name, Phone Number, Address of Landlord • How long did you live in home? • Property Taxes • Mortgage Interest Payments • Purchase or Sell Home

  22. Other items to bring • Other expenses • New car receipts • Medical receipts • Last year’s Taxes (1040 for 2008) • Ask Javhlan and Uyanga what else…

  23. Questions… • I can try to help! • 323-651-4509 • sarahcharlotte999@yahoo.com

  24. The End • I hope that this helps you get “ТӨГС ТАКС”

More Related