Teaching the Practical so Students Can Do the Practicable II Teaching-Undergraduates Just How Easy it is to Manage their Income Taxes

In order to acquaint undergraduate students with the annual filing requirements of our federal income tax system, I constructed a simple spreadsheet model that assists them in effectively managing this seemingly laborious and time-consuming process.While designed primarily to alleviate the apprehension many students have concerning the efforts and resources needed to comply with the Internal Revenue Service, the spreadsheet model also serves three additional purposes.First, it demonstrates to students that spreadsheet modeling techniques can extend to practical applications.Second, it affirms to students that the software skills they are acquiring in the classroom can be applied to benefit each of them in personal ways.And third, the spreadsheet model provides them with a useful tool that they can actually use to proactively manage their future income taxes.Rather than simply show them how to fill out a 1040A Form, which numerous commercial software applications are already capable of accomplishing, I leveraged spreadsheet modeling as a way to analyze in greater depth how changes in one's financial circumstances can affect one's federal tax liabilities.By doing so, the students gained the knowledge that they have the power to make changes in their own finances to help reduce their income taxes.Furthermore, this spreadsheet model empowers students with the ability to look beyond their current year's tax filing requirements and encourages them to plan strategically for their future annual tax obligations.By introducing the practical into the classroom, I am helping students not only gain a greater appreciation for what they are learning, but I am also providing them with practicable skills which will help prepare them for life.