Introduction to Taxes: - Understanding the concept of taxes. - Different types of taxes (Income, sales, property, etc).
- Importance of taxes in funding public services and government operations.
Income Tax Basics: - Definition of income: Earned / unearned income. - Taxable vs. nontaxable income.
- Overview of the tax system.
- Filing status.
- Introduction to tax forms.
Filing Taxes: -Understanding the tax calendar.
- Exploring tax preparation options.
- Walkthrough of tax filing process.
Deductions and Credits: - Overview of deductions.
- Common deductions.
- Tax credits.
Special Tax Situations: - Introduction to special tax situations.
- Understanding tax implications of different situations.
Tax Responsibilities and Ethics: - Understanding tax compliance.
- Ethical considerations in taxation.
- Importance of record-keeping.
Practical Exercises and Case Studies: - Filling out sample tax forms, calculating tax liability, exploring tax scenarios. - Analyzing real-life tax situations, identifying tax-saving opportunities, discussing potential tax consequences.
Resources and Assistance: - Utilizing tax resources (IRS website, tax publications, online tools). - Seeking assistance( When to consult a tax professional, accessing free tax assistance programs).
Review and Assessment: - Review of key concepts covered in the curriculum. - Assessment of student understanding through quizzes, exercises, and discussions.
- Evaluation of readiness to apply tax knowledge in real-world situations.