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Understanding Taxes and IRS: Your Guide to Tax Preparation and Planning

Explore the essentials of tax preparation, IRS compliance, and estate planning with our resources. Learn about different types of tax advisors, including TurboTax and professional tax preparers, and get insights into common tax mistakes to avoid. We also highlight key deductions, filing statuses, and the importance of timely returns. Take advantage of our complimentary consultation to review your financial profile and tax efficiency. Prepare yourself for tax season with informed strategies and expert advice from the 3 F.E. Foundation for Financial Education.

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Understanding Taxes and IRS: Your Guide to Tax Preparation and Planning

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  1. Taxes & the IRS 3 F E Foundation for Financial Education www.f3eonline.org | info@f3eonline.org | 240-499-0390

  2. 3 Types • Turbo Tax • Tax Preparers • Tax Advisors

  3. 3 Types • Turbo Tax • Tax Preparers • Tax Advisors

  4. TAX TABLE

  5. Tax Planning for Estate • Revocable Living Trust • Wills • Irrevocable Trust • Estate/Inheritance/State Death Tax

  6. Most Common Tax Mistakes • Social Security Number • 1099/W-2 Matching • Not Reporting All Income • Too Aggressive with Deductions • Not Filing Timely Return • Tracking Basis • Claiming All Dependents

  7. Itemized Deductions • Typical Deductible Expenses • Mortgage Interest • Property Taxes • Charitable Contributions/Donations • State and Local Income Taxes vs. Deductible Sales Tax • Vehicle Registration • Medical Expenses (Over 7.5% of AGI) • Tax Preparation Expense • Other Miscellaneous Deductions • Gambling Losses

  8. Filing Status • 5 Types • Single • Married filing Joint • Married filing Separate • Head of Household (Be careful!) • Qualifying Widower with Dependent Child • Marital Status Determined on last day of year • Married Filing Separate-If one spouse itemizes then the other MUST also itemize.

  9. If you are ready to act….. • You are entitled to a Complimentary Consultation • What you will get: • A Review of • Your Financial Profile • Your Tax Efficiency • Your Tax Planning Options • Recommendations for Action

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