# CTE Resource Center - Verso - Economics and Personal Finance Task 1591973377

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Examine potential tax deductions and credits on a tax return.

Definition

Examination should include an explanation of the difference between a tax deduction and a tax credit and should identify potential tax deductions and credits on a tax return. Examples of deductions may include local taxes paid, interest on student loans, and charitable contributions. Possible tax credits may include the costs of energy-saving vehicles or home improvements.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.16

The student will demonstrate knowledge of taxes by
  1. describing the types and purposes of local, state, and federal taxes and the way each is levied and used;
  2. exploring how tax structures affect consumers, producers, and business owners differently;
  3. computing local taxes on products and services;
  4. examining potential tax deductions and credits on a tax return;
  5. explaining the content and purpose of a standard W-2 form; and
  6. explaining the similarities and differences between state and federal taxation of inheritances.

FBLA Competitive Events and Activities Areas

Accounting I

 

Accounting II

 

Business Calculations

 

Business Math

 

Economics

 

Introduction to Business

 

Personal Finance