UA CSM 204 - Planning Your Tax Strategy (4 pages)

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Planning Your Tax Strategy



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Planning Your Tax Strategy

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Planning Your Tax Strategy


Lecture number:
4
Pages:
4
Type:
Lecture Note
School:
University of Alabama
Course:
Csm 204 - Intro Personl Finan Plan
Edition:
1

Unformatted text preview:

CSM 204 Chapter 4 Lecture Outline of Previous Lecture I Planning for Successful Money Management II Opportunity Cost and Money Management III Money Management Components IV Financial Records System V Items to File at Home VI Items for a Safe Deposit Box VII Computer Records VIII Record Retention IX 3 Components of Successful Planning X Balance Sheet or Statement of Net Worth XI Income and Expense Sheet XII Important Equations XIII The Budgeting Process XIV Characteristics of Successful Budgeting XV Selecting a Budget System XVI Identifying Savings Goals XVII Savings Techniques XVIII Quiz 1 3 Outline of Current Lecture I II III IV V VI VII Taxes and Financial Planning Four Types of Taxes Tax Information Sources Tax Assistance What if your return is audited Tax Planning Strategies Quiz 1 4 Current Lecture Chapter 4 Planning Your Tax Strategy Taxes and Financial Planning About one third of each dollar you earn goes to pay taxes These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute An effective tax strategy is vital for successful financial planning Understanding tax rules and regulations can help you reduce your tax liability Four Types of Taxes Taxes on Purchases Sales and excise tax Taxes on property Real estate property tax Personal property tax Taxes on wealth Federal estate tax State inheritance taxes Taxes on earnings Income Social Security taxes Tax Information Sources The IRS has methods of assistance Publications and forms 1 800 TAX FORM www irs gov Recorded messages 1 800 829 4477 Phone hot line 1 800 829 1040 Walk in service at an IRS office CD ROMs the IRS sells that has forms and pubs Tax publications The internet Tax preparation software companies Tax Assistance Electronic filing Free File Alliance offers free tax preparation e filing for some taxpayers Refunds are generally received within three weeks Tax preparers charge a fee for electronic filing



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