Category: Taxes

FinCap Friday: From the Red Carpet to The Red Ink of the I.R.S.

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Jan 10, 2019
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FinCap Fridays, Taxes
As the calendar turned from December to January, many Americans woke up to the uneasy thought that they would need to learn about the new tax legislation to file their 2018 tax return. While our tax system relies on voluntary compliance, there are very real consequences for not dotting every "i" and crossing every "t" (and the dog eating your return is not a valid excuse either). This FinCap Friday shares the stories of celebs who landed on the wrong side of the I.R.S. and provides tips on how...

EdPuzzle Thursday - TAXES: How to Read a Pay Stub

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Jan 09, 2019
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EdPuzzle, Taxes
New Product Alert! Want to assign videos with built-in questions? We will be releasing a new EdPuzzle video here on the blog each week so that your students can answer questions that are directly embedded within engaging videos. We are excited to share with you a new video each week and a new topic each month! We are kicking off this year's EdPuzzle series with videos on Taxes for the month of January. Here is a video on how your students can read a paystub and provides details such as what gets...

What are the new tax changes in 2019?

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Jan 09, 2019
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PRO Tip from NGPF, Taxes
THE PROBLEM: I know taxes are changing in a major way, but I'm not sure of the specifics. What are the basics I need to know to teach my students?  THE ANSWER: Watch this short video to learn the teen-specific impacts of the Tax Cuts and Jobs Act. *Please note that none of this constitutes tax advice and should not be used in the personal handling of anyone's taxes.* Want to receive a weekly PRO Tip to your inbox? Sign up here. ...

Interactive Monday: Where should the government be spending your tax dollars?

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Jan 06, 2019
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Interactive, Taxes, Current Events
Thanks to Jessica, knee-deep in updating NGPF's Tax Unit the past few days, for passing along this excellent tax interactive from the National Priorities Project. Budgets are important. Why? One can tell a lot by analyzing them. They reflect a person, a company or, in this case, a country's priorities.  This interactive, Your Federal Income Tax Receipt, allows students to see the current federal priorities funded by their income taxes and the taxes paid by their parents/guardians. After...

Updated Tax Materials -- an NGPF timeline

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Jan 02, 2019
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Taxes
Our NGPF community is so helpful, we've been flooded with emails or online chats asking when we'll have updated tax materials to reflect tax changes this year, with many of you providing links to drafts of new forms, press releases, etc. THANK YOU! Here's what we have planned:  In January, we'll do minor updates to our existing materials, such as updating the tax bracket charts, standard deductions, getting rid of the 1040EZ, etc. We'll make sure these are up-to-date in our full...

Reading List for October 5-6

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Oct 05, 2018
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Personal Finance, Current Events, Financial Literacy, Investing, Identity Theft, Career, Taxes
Personal Finance  FinTech: Automating finances tops the popularity ranking of apps, but people still want access to people when it comes to financial planning. (BusinessWire) Taxes: The IRS’ budget has been cut. That means fewer tax fraud cases and audits. (New York Times) Careers: Here are fourteen things you should not say during a job interview. (Time Magazine) Credit: Here is some helpful information on freezing and thawing your credit. (Cleveland.com) Emergency Savings: Need to...

What I'm Reading This Weekend (August 4-5)

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Aug 03, 2018
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Personal Finance, Parent Conversations, Current Events, Taxes, Stocks
  New for/about High School Students I never thought cellphones in the class was a good idea, but what a battle! Here is some evidence that supports banning them. (Don’t miss the video about parents use of cell phones as well!) High school kids fill out all kinds of surveys trying to help them through the college/career maze ahead, unaware that their data is being sold! Parents may worry about their new college student succeeding away from home. Here is some advice on preparing them...

What I'm Reading This Weekend (June 30-July 1)

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Jun 29, 2018
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Personal Finance, Economics, Student Loans, Current Events, Taxes, Credit Cards, Credit Scores
Economics Here is an interesting, though depressing look at the employment trends and lack of upward mobility among workers in the lowest quartile. The markets seem to be taking the impending trade war seriously this week. Student Loans Student debt forgiveness is good news. The bad news? Forgiveness comes with a tax bill. Employers offering help repaying student loans to attract workers in a tight labor market. Personal Finance Taxes: Have you heard about the post card sized 1040? Here is...

What I'm Reading This Weekend (June 23-24)

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Jun 22, 2018
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Current Events, Employment, Personal Finance, Taxes, Stocks, Insurance
Today’s Headlines: States cleared to charge sales tax on online sales and banks pass first phase of the Fed’s stress tests, wait to hear if they can buy back shares or increase dividends.  Demographics/Employment As baby boomers retire, there are fewer workers to take their places. Who will support them? This WSJ article includes some informative maps. The FRB of Atlanta published an article detailing its findings on industries facing a shortage of workers. One aspect of...

Question of the Day: What's the #1 expenditure for the average American household?

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Jun 04, 2018
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Question of the Day, Taxes, Budgeting
Answer: Housing Here are the top 5 expenses for households (with amounts spent in 2016 ): Housing ($18,886) Transportation ($9,049) Food ($7,203) Personal insurance and pensions ($6,831): largely Social Security payments Healthcare ($4,612) Questions: What are some examples of housing costs? transportation costs?  Do you think these costs are about the same across your state? Explain.   Average income for American household in 2016 was almost $75,000. One rule of thumb is that...

Question of the Day: What percent of taxpayers don’t know what a W-4 is?

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Apr 18, 2018
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Question of the Day, Taxes, Current Events, Research
Answer: 57% Questions: Do you know what a W-4 is? If so, Explain what it is in your own words. How did you learn about it?  Given that anyone who earns a paycheck has to complete a W-4, why do you think so many people still don't know what it is?  You are hired by the I.R.S. to rename the W-4 so more people will remember it. What would you call it?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom....

Math Spotlight: Nothing can be said to be certain, except MATH and taxes

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Apr 18, 2018
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Math, Taxes, Teaching Strategies
So yesterday was the beloved TAX DAY here in the US. Funnily enough, the IRS website was down so maybe those procrastinators will get lucky and be given an extension (update: they were given one more day). I’m sure that students are asking all types of tax questions due to both current events and the tax season, so it is only fitting that we highlight a Taxes Activity related to Math for our Math Spotlight this week! Drum roll…To kick it off, CALCULATE: Completing a 1040EZ is a...

Question: Who pays more in income taxes: corporations or individuals?

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Apr 17, 2018
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Question of the Day, Taxes, Research
Answer: Individuals pay five times more ($1.66 trillion) compared to corporations ($324 billion) based on fiscal year 2017 projections Questions: Who do you think should pay more in taxes? Why? When it comes to lobbying Congress on taxes, who do you think has more power: individuals or corporations? Explain.  What do you think is a more powerful boost to the economy: a dollar of corporate tax cuts or a dollar of individual tax cuts?   Click here for the ready-to-go...

Question of the Day: Where are the most federal tax dollars spent? a) Defense b) Education c) Health

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Apr 16, 2018
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Question of the Day, Taxes, Current Events, Research
Answer: Health Questions: Did the answer surprise you? Why?  Why do you think that health costs are such a large part of the federal budget?  If you could prioritize spending among these three categories, how would you order them from most to least important? Explain.  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (National Priorities Project): Tax Day materials...

Question of the Day: What is the deadline for filing your 2017 tax return?

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Apr 15, 2018
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Question of the Day, Taxes, Research, Current Events
Answer: April 17, 2018 Normal deadline is April 15th but 15th is a Sunday and D.C. has Emancipation Day holiday on 16th 59% of consumers don’t know when their taxes are due Questions: Just like school work, why is it important to know the deadline to file your tax return? Can you file your tax return early? Why might be a reason to file BEFORE the deadline?  Why do you think the IRS gives people a few months in order to file their tax return?  Click here for...