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Individual Taxation: Mod 1: Tax Planning

It is important as a taxpayer in the United States to know the tax formula. Even if you take your taxes to someone else to have them filed, it never hurts to know the tax formula in order to be able to have an idea of your tax contributions. It's better to be educated as to what deductions and exemptions you can take advantage of and it helps your Accountant to make sure you aren't over paying. The tax formula is simple, take a look at it below. Income -> Less- Exclusions -> Equals Gross Income -> Less Deduction for Adjusted Gross Income -> Equals Adjusted Gross Income -> Less- The greater of Total Itemized Deductions or Standard Deductions -> Less- Personal & Dependency Exemptions -> Equals Taxable Income -> Tax on Taxable Income -> Less- Tax Credits which include Federal Income tax Withheld and prepaid -> Equals Tax Due or refunded. The tax formula is a useful instrument to know and it is pretty easily self explanatory. One important step in the tax formula is the deductions for adjusted gross income. It is very important that these items are subtracted from gross income so that you arrive at adjusted gross income. Some examples of this would be are student loans, unreimbursed medical expenses, unreimbursed moving expenses, and alimony payments. Another key component to the tax formula is the subtraction of less: the greater of Total Itemized deductions and standard deductions. For this step of the tax formula, you have the option of adding up all of your deductible expenses or deducting a flat amount which is also known as the standard deduction. For the tax year 2017, taxpayers are aloud to claim up to $6,350 as the standard deduction. For example, if a tax payer had only $4,750 in deductions, it would be wiser for them to choose to claim the standard deduction of $6,350 because the standard deduction is more and there for it would be an advantage to claim the standard deduction. References: Hoffman, W. H., Maloney, D. M., Raabe, W.A., Young, J.C. (2017). South-Western Federal Taxation. Boston, MA: Cengage Learning
It is important as a taxpayer in the United States to know the tax formula. Even if you take your taxes to someone else to have them filed, it never hurts to know the tax formula in order to be able to have an idea of your tax contributions. It's better to be educated as to what deductions and exemptions you can take advantage of and it helps your Accountant to make sure you aren't over paying.
Assignment ID
321029
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CREATED ON
19 November 2017
COMPLETED ON
20 November 2017
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