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Finance Foundations: Income Taxes

Video Introducing this tutorial

Introduction

Welcome

1. Income Tax Overview

The history of income taxes
Different kinds of taxes
How many sets of books does a large company keep?

2. A Simple Income Tax System

"Taxman" by the Beatles
Tax brackets
Average and marginal tax rates
Tax deductions and tax credits
Ordinary income and capital gains income

3. Common Tax Loopholes and General Income Tax Policy

Who gets tax breaks?
Examples of individual and business tax breaks
The biggest tax loopholes in the US tax code
Income taxes and public policy

4. Completing a Basic Tax Return

Della and Dee Stice doing people's taxes
Joint Form 1040A Adjusted Gross Income (AGI)
Joint Form 1040A to tax payment or tax refund
Itemized deductions
Single Form 1040A Adjusted Gross Income (AGI)
Single Form 1040A tax payment or tax refund
Online tax returns

5. Principles of Tax Planning

Tesla and tax planning
What is tax planning?
Strategy one: Shift income from one time period to another
Strategy two: Shift income from one pocket to another
Strategy three: Change the character of the income

6. Corporate Income Taxes

How large are corporate income taxes?
Business structures
General corporate income tax issues
Multinational corporate income tax issues

7. Income Taxes: Planning vs. Evasion

US income tax on income from foreign countries
Common tax evasion schemes: Refusing to file, understating income, and hiding income "offshore"
Common tax evasion schemes: Claiming personal expenses, paying above-market wages, and classifying workers incorrectly

8. Common Income Tax Issues for Small Businesses

Tax issues for small businesses
Keep good records, don't hide income, and deduct only reasonable business expenses
Employee vs. contractor, business structure, and tax advisors
Is your goal to minimize your income taxes?

Conclusion

Taxes can be complex, but you have the basic tools
Review
Concluding income tax advice