April 18 was Tax Day, so why not ask about taxes.
What do you think are the pros and cons of completing your tax return yourself? Do you hope to be able to file your tax returns yourself in the future? Why or why not? If you’ve already filed your own tax return, how would you describe the process you went through to get it done? What resources can you use to answer your tax filing questions? If you use a tax advisor (accountant), do you still think it is important to understand details about your tax return?
Here are the ready-made slides for this Question of the Day that you can use in your classroom.
Behind the numbers (efile.com):
So far for 2021 Returns filed and filed electronically in 2022, the IRS has issued approximately 52 million refunds as of March 8, 2022. Approximately $171 billion has been spent for an average repayment amount of $3,305. About 50 million of these repayments were sent via direct deposit. In addition, approximately 51% of all electronically filed returns were self-prepared returns by individual taxpayers.
Teach your students how to archive the 1040 using NGPF’s Activity, CALCULATE: Completing a 1040
What is the most popular unit on the NGPF website and the most searched term? It’s taxes! Find all the resources NGPF has on taxes here.
About the author
Tim’s savings habits started at 7 a.m. when a neighbor with a broken hip gave him a dog walking job. Her recovery, which lasted nearly a year, led to Tim getting to know the bank clerks quite well (and building a savings account balance of over $300!). His recent entrepreneurial adventures include driving a chipper, analyzing compensation packages for Fortune 500 companies, and helping families make better college funding decisions. After volunteering in 2010 to establish a personal finance program and teach at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him. to start a new nonprofit, Next Gen Personal Finance. †
This post QoD: % of US taxpayers in 2021 who prepared their own returns?
was original published at “https://www.ngpf.org/blog/question-of-the-day/question-of-the-day-updated-what-percent-of-us-taxpayers-prepared-their-own-tax-returns-in-2021/”