Personal Income Tax Guide: Conclusion
AAA
  1. Personal Income Tax Guide: Introduction
  2. Personal Income Tax Guide: Basic Concepts
  3. Personal Income Tax Guide: Documentation And Records
  4. Personal Income Tax Guide: Moves To Make Before December 31
  5. Personal Income Tax Guide: Moves To Make Before April 15
  6. Personal Income Tax Guide: 6 Overlooked Deductions And Credits
  7. Personal Income Tax Guide: Common Filing Mistakes
  8. Personal Income Tax Guide: Avoiding Nasty Surprises
  9. Personal Income Tax Guide: Conclusion
Personal Income Tax Guide: Conclusion

Personal Income Tax Guide: Conclusion

By Ken Clark

For all the complexity of our income tax system, the process of determining what you owe is fairly straightforward. It's just not something that most people deal with more than once per year, so it can feel quite confusing and intimidating.

The key, as mentioned many times throughout this tutorial, is to stay ahead of the curve.

  • By starting to think about minimizing your tax burden each fall, you'll be able to take the steps you need before windows of opportunity close.
  • By beginning to think about the actual filing process in January or February, you'll ensure there's plenty of time to get your documentation lined up and your taxes prepared. (Keep reading about this in Money Saving Year End Tax Tips.)
  • By being head's up about potential balances you're going to owe, you'll even allow yourself a few extra months to accumulate the money and stay in good graces with the IRS and your state's revenue department - and hopefully avoid an audit. (Keep reading about this in Avoiding An Audit and Surviving the IRS Audit.)
  • By being prepared and recognizing your limits, you'll have time to seek out professional help.
An experienced tax preparer or a good piece of preparation software, put to use well ahead of April 15, will ensure that you don't spend May, June and July living in fear of a penalty notice from the IRS.

  1. Personal Income Tax Guide: Introduction
  2. Personal Income Tax Guide: Basic Concepts
  3. Personal Income Tax Guide: Documentation And Records
  4. Personal Income Tax Guide: Moves To Make Before December 31
  5. Personal Income Tax Guide: Moves To Make Before April 15
  6. Personal Income Tax Guide: 6 Overlooked Deductions And Credits
  7. Personal Income Tax Guide: Common Filing Mistakes
  8. Personal Income Tax Guide: Avoiding Nasty Surprises
  9. Personal Income Tax Guide: Conclusion
Personal Income Tax Guide: Conclusion
RELATED TERMS
  1. Expanded Accounting Equation

    The expanded accounting equation is derived from the accounting ...
  2. Earnings Per Share - EPS

    The portion of a company's profit allocated to each outstanding ...
  3. Billing Cycle

    The interval of time during which bills are prepared for goods ...
  4. Amortization

    1. The paying off of debt in regular installments over a period ...
  5. Price-To-Cash-Flow Ratio

    The ratio of a stock’s price to its cash flow per share. The ...
  6. Contra Liability Account

    A liability account that is debited in order to offset a credit ...
  1. Earnings within a Roth IRA are tax free, so are these earnings included in the modified ...

    There are two possible answers to this question, depending on whether or not the distribution from the Roth IRA is qualified.Earnings ...
  2. How do I find out what my tax bracket is?

    Learn the information you need to determine what your tax bracket is.
  3. What's the difference between a tax rate and a tax bracket?

    These two terms are often incorrectly used interchangeably. Find out the difference between your tax rate and your tax bracket. ...
  4. What’s the difference between IRS Forms 1040 and 1040EZ?

    Though very similar, the differences between the 1040 and 1040EZ Forms are significant when it comes to filing your tax return. ...
comments powered by Disqus
Related Tutorials
  1. Accounting Basics
    Forex Education

    Accounting Basics

  2. Using Accounting Analysis To Measure Earnings Quality
    Markets

    Using Accounting Analysis To Measure Earnings Quality

  3. Accounting and Valuing Employee Stock Options
    Bonds & Fixed Income

    Accounting and Valuing Employee Stock Options

  4. Complete Guide To Corporate Finance
    Professionals

    Complete Guide To Corporate Finance

Trading Center