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

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
RELATED TERMS
  1. Accident Year Experience

    Premiums earned and losses incurred during a specific period ...
  2. Book Value Reduction

    Reducing the value at which an asset is carried on the books ...
  3. Inherent Risk

    The risk posed by an error or omission in a financial statement ...
  4. Deferred Tax Asset

    A deferred tax asset is an asset on a company's balance sheet ...
  5. Expanded Accounting Equation

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

    The portion of a company's profit allocated to each outstanding ...
  1. Are accounts payable an expense?

    Learn about how to differentiate between liability accounts and expense accounts, and see why accounts payable is considered ...
  2. Are accounts payable an asset?

    Find out why the general ledger accounts payable is considered to be a current liability, not a current asset, and how it ...
  3. Are accounts payable counted as revenue?

    See how accounts payable is treated on the balance sheet, and why it is considered an expense and liability rather than revenue ...
  4. Are accounts payable a liability?

    Take an in-depth look at accounts payable, or trade payable, an important current liability account listed on a company's ...

You May Also Like

Related Tutorials
  1. Professionals

    Complete Guide To Corporate Finance

  2. Forex Education

    Accounting Basics

  3. Markets

    Using Accounting Analysis To Measure Earnings Quality

  4. Bonds & Fixed Income

    Accounting and Valuing Employee Stock Options

Trading Center