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| Date post: | 19-Dec-2015 |
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Your Income Tax Why? Where? How?
Introduction to Tax You are taxed on your income.
If you have a paycheck, you will see Federal Income Tax (~10%, 15%, 25%..) California - State Income Tax (~1%, 2%, 4%) Social Security (6,2%) Medicare (1,45%)
Why do we need to file? The US Government makes laws about
things that can change your taxes. For example, you may have children you
support. So you don’t need to pay as much tax.
Every April 15 Americans report their living situation to the government.
Sometimes people get money returned. Sometimes they have to pay more.
Javhlan will explain more about the US Tax System.
Who Must File? (Federal)
Single >$9,350 Head of Household >$12,000 Married Filing Jointly >$18,700 Any person who made more than $400 Self-
Employed Examples: Many Home Workers and Cooks
Any person who did not pay taxes on tips Examples: Waiters, Drivers, Valets
Who must file? (CA State) Single > $14,622 Married Filing Jointly > $29,245
(different if you have dependents)
Why File Taxes? Newcomers to the United States have
good reasons to file taxes. 3 reasons
First, you need to file taxes if you want to apply for an ITIN. W-7 Form
ITIN Individual Taxpayer Identification
Number Sometimes used to open bank account Build credit history A number that belongs to YOU. Help build future in USA
Applying for a ITIN
Javhlan will explain more! Must send in Tax Return and ITIN
Application (W-7) at same time. Must have Federal Filing Requirement
to apply. Can apply for children, spouse as well.
Taxes and Immigration Status
Many immigrants file taxes because it may help with immigration issues.
If you apply for Residency, Green Card -- Immigration Authorities will ask if you paid taxes properly.
Filing taxes is “good moral character”
Tax Refunds
Money (check) from the government W-2 Withholding Many children or other dependents
Za… Where do I file taxes? Many places. Here are two.
1) If you have complicated taxes, or would prefer to work with a native Mongolian speaker, in Koreatown… Javhlan CPA
Free Tax Assistance You can get your taxes filed FREE. The IRS (Tax Authority) trains
volunteers to prepare taxes for free. I am an IRS Volunteer Preparer. Glendale College
1500 N. Verdugo - Glendale, CA 91208 San Rafael Building Saturdays 9 am - 2 pm
Glendale College directions Take “2” Freeway North Exit (left) at Mountain Street Turn right on Verdugo Rd.
About 12 miles
San Rafael Building Ask for Sarah
What do I bring? Common Sources of Income
W-2 (withholding) 1099’s
1099-MISC - Self Employed Tips
Self-Employed Income How much money did you make?
1099-MISC Copies of checks to you. Hand-written document is OK.
You are taxed on your profit. Expenses
Mileage record (where, when, why?) Car insurance, registration Tools, materials, supplies
Other sources of income
Non-US income (if citizen or resident alien) Non-US taxes
Interest (1099-INT) Gambling (1099-G) Government Benefits Rental Income
Expenses: repairs, cleaning, ads Partnerships
Family Information
Need information about you and your family members who live with you Name, Date of Birth Address SSN or ITIN (if available)
If SSN, must be valid. Non-Resident Alien, Resident Alien, Citizen?
Dependents You may pay less tax if you have dependents. Do you support children, parents, or family? Be able to say:
Names, Date of Birth, Relationship SSN or ITIN (if available) Whether they live with you or not How much support you give Disabled?
Children and Education Child Tax Credits Student Loan Interest Deduction Education Credits
Bring “1098-T” Bring receipts or records of school books,
computers paid.
Housing Records Renter’s Credit
Bring Name, Phone Number, Address of Landlord How long did you live in home?
Property Taxes Mortgage Interest Payments Purchase or Sell Home
Other items to bring Other expenses
New car receipts Medical receipts
Last year’s Taxes (1040 for 2008) Ask Javhlan and Uyanga what else…
The End I hope that this helps you get
“ТӨГС ТАКС”
