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This weeks notes

by: Emily McIlhattan

This weeks notes MGMT 504

Emily McIlhattan
GPA 3.72
Tax Accounting
Jason Stanfield

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About this Document

Tax credits
Tax Accounting
Jason Stanfield
Class Notes
25 ?




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This 2 page Class Notes was uploaded by Emily McIlhattan on Thursday March 5, 2015. The Class Notes belongs to MGMT 504 at Purdue University taught by Jason Stanfield in Winter2015. Since its upload, it has received 132 views. For similar materials see Tax Accounting in Accounting at Purdue University.

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Date Created: 03/05/15
Mgmt 504 from Ch 7 Individual Tax Credits Tax credits reduce the amount of the tax by the amount of the credit NOT the same as a deduction Treated as a prepayment encourage taxpayers to engage in speci c activities and promote ability to payequity among taxpayers Refund ability like negative taxes Nonrefundablel once tax is down to zero no more payments the tax liability can only go to zero only people who bene t are those with positive tax liability owe money Refund ability is the excess below zero that is sent back to you Child Tax Credit most common in addition to the personal exemption Nonrefundable credit of 1000 for each Qualifying CHILD not relative under the age of 17 at the end of the tax year phased out at 501000 of AGI gt 110000 MFJ 55000 MFS 75000 otherwise Additional Child Tax Credit Normally nonrefundable BUT if tax liability is too low under 1000 ex 600 then you get an additional 400 on form 8812 The portion of the child tax credit disallowed by zero tax liability may become refundable through this 1 or 2 kids 15 Earned Income 3000 with 3 or more it s the greater of that or payroll taxes paid earned income credit back of 1040 2 lines Earned Income Credit EIC refundable You may not have portfolio or passive income unearned income in excess of 3100 Not allowed for MFS The number of qualifying children age 2565 is removed living with the taxpayer Child and dependent Care Credit is never refundable Higher Education Credit 1 AOTC American opportunity tax credit applies to most of us 2500yr for 4 years only for ungrad a Maximum nonrefundable you need a tax liability to get it b There is a phase out c Degree seeking diploma better deal than LLC d If you are somebody else s dependent they claim this foryou 2 Lifetime Learning Credit 20 of AGI to 2000 a Only for expenses you paid or incurred a liability for b One creditreturn Slide deck 7 You don t pay taxes on what you recover from you basis Basis essentially what you paid for it Normaly don t have cost recovery on stocks normally or other securities Personal propertypersonalty tangible property is either realty or personalty real or personal property Personal property is not real property land and permanently stuff attached to it lawn mower car laptop just because something is held by individual does not mean its personalty ie securities Max Tax Rates for Net Capital Gains of Individuals Personal use assets capital assets any property that is not inventory not NP and is not personalty or realty used in a trade or business Do you have it for personal use or for investment Personal use can not be deducted when a loss personal use losses are not deductible Personal use gain is taxable


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