Join Jim Stice for an in-depth discussion in this video Who gets tax breaks?, part of Finance Foundations: Income Taxes.
- As goverments around the world make income tax policy…there's a tension between two opposing factors:…Keeping tax rates as low as possible…while using appropriate tax breaks to…encourage or discourage certain behaviors.…- Tax rates I understand.…Tax brackets, average tax rates, marginal tax rates,…we've talked about all those things, but tax breaks?…What's a tax break?…- A tax break is a provision in the income tax rules…that permits a taxpayer to legally pay less income tax…under certain circumstances.…
- What circumstances?…Can I take advantage of these tax breaks?…- Oh trust me, you're already taking advantage…of lots of tax breaks.…- No way. Like what?…- Do you have a 401k retirement savings plan at work?…- Yes I do, same as you.…- Do you have to pay income tax on the income…that you put into your 401k plan contributions each year?…- Well, no, not until I take it out after I retire.…- Well, there you go.…Your 401k plan is an example of a tax break.…To encourage US taxpayers to save for their own retirement…
Released
1/7/2015This is a self-contained introductory course to income tax, but if you'd like more information about accounting in general, check out the Stices' foundational course, Accounting Fundamentals.
NOTE: The information in this course applies only to the United States.
- The history of income tax
- Tax brackets, rates, deductions, and credits
- Completing a basic tax return (1040A)
- Tax planning
- Shifting income
- Understanding corporate income taxes
- Avoiding tax-evasion schemes
- Tax issues for small businesses
Skill Level Appropriate for all
Duration
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Introduction
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Welcome1m 49s
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1. Income Tax Overview
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The history of income taxes2m 16s
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Different kinds of taxes3m 3s
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2. A Simple Income Tax System
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"Taxman" by the Beatles1m 8s
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Tax brackets3m 34s
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3. Common Tax Loopholes and General Income Tax Policy
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Who gets tax breaks?1m 33s
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4. Completing a Basic Tax Return
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Itemized deductions2m 4s
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Online tax returns1m 57s
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5. Principles of Tax Planning
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Tesla and tax planning2m 11s
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What is tax planning?2m 24s
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6. Corporate Income Taxes
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Business structures4m 42s
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7. Income Taxes: Planning vs. Evasion
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8. Common Income Tax Issues for Small Businesses
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Conclusion
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Review4m 29s
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Concluding income tax advice1m 32s
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Video: Who gets tax breaks?