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Per Fi Ch. 12 St. Gd

Test on Thursday, Begin to study this and Vocabulary Stack for prep.

QuestionAnswer
Personal Property tax can be taken on what types of property? Houses, cars, boats, etc.
How much does the value of a gift have to be over before a gift tax is taken by the Federal government? Over $10,000
Municipal bond interest is usually... tax-exempt
If you are self-employed, you will be issued a penalty if you... pay less than 90% of last year's tax liability and if you fail to pay the quarterly taxes on or before the due date for filing taxes.
An IRA earns money that is.... tax-deferred
A person would want to use a 1040 tax return form if... he or she takes many itemized tax deductions
What is a tax credit subtracted from? taxes owed
What is a tax deduction subtracted from? taxable income
Money that is donated to charities can be claimed as an itemized tax deduction up to what percent of person's income 20%
Exclusions are not included in... gross income
What are the tax planning strategies to minimize future income tax? Consumer spending, Investment planning, Retirement planning
How can consumer spending be planned in order to reduce taxes? Mortgages, business tools, travel expenses, and some educational expenses can be tax-exempt or you can claim tax deductions for those expenses. If you record these expenses accurately you can reduce your taxes.
How can investments help you reduce your taxes? Municipal bond interest is tax-exempt and therefore you don't have to claim it on your taxable income and therefore reducing your total tax liability.
What are some ways to have a successful audit interview? Be prepared with only the records needed in an organized system, be confident in your answers with clear and concise answers, know exactly what parts of the return are in question
How can you be well-prepared for this test on Friday other than studying this study stack? Study the vocabulary stack for Ch. 5 as well.
Created by: Mrs. Sutherland