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U.S. Tax System

Basic Tax Planning

Preparing Taxes

Professional Tax Help

Avoiding Audits

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Taxes

Tax Information

Taxes typically make up the largest--and most confusing--portion of people's expenses. However, they also represent one of the best ways to reduce our spending.

In this section, we'll make you tax savvy by explaining how the system works, offer basic planning and tax-preparing strategies, tell you what kinds of professional help are available, and help you to reduce your chances of getting audited.

The U.S. Tax System
You file your tax return every year, but do you know the difference between a W2 and a W4? This section describes the basic elements of your tax system and how it works.

Basic Tax Planning
Even though tax planning can be a potent way to reduce your spending, people often assume that their incomes are too low, investments too simple, or the potential savings too small to justify anything that resembles tax planning.

Luckily, basic tax planning techniques, which are usually the ones that have the greatest potential to reduce your tax bill, are easy to learn, straightforward to implement, and completely legal.

Read this section to learn about exemptions, deductions, withholdings, tax credits, and retirement accounts.

Preparing Your Taxes
Preparing your own taxes can be relatively quick and painless, even for fairly complicated returns. We'll help you decide if preparing your own taxes is for you and how to go about it.

Professional Tax Help
Sometimes it's better to let the pros handle it. Real estate, investments, and life changes can turn your tax return from EZ to impossible. We've made a list of professionals who can help and what you should expect from them.

Avoiding Audits
Although the IRS may select you at random, you can reduce your chances of being audited by avoiding certain "red flags" on your tax return. Find out what they are and how to file your taxes in the most compliant way possible.

 U.S. Tax System

 Basic Tax Planning

 

 Preparing Taxes

 

 Professional Tax Help

 

 Avoiding Audits

 

Additional Reading

Taxing Matters
Taxes tend to make people’s eyes glaze over. Nonetheless, it is important to know your marginal tax rate when making investment decisions.

Tax Tarot
So you've signed on the bottom line, slipped your tax return into the mailbox, and a financial advisor is probably the last person you have an interest in seeing.

Tax Time
At tax time, the freedom of being your own boss can suddenly feel like a curse. If you're self-employed, filing your taxes is never easy--on top of paying almost twice as much for Social Security and Medicare, you're subjected to a flood of special rules and regulations.

Tax Planning Strategies
Many people wait until April to start thinking about taxes, but thinking about your taxes before the tax year ends can help save you money.

Minimizing Taxes
The first step towards minimizing your taxes is to be conscious of what creates a taxable event. If the benefits from your transaction outweigh the tax consequences, you may not always choose to act in a way that minimizes taxes.

Finance 101 for eWorkers - Tax Basics
Succeeding as an independent professional requires immense talent and skill. But even if you are the best Web developer north of the Rio Grande, you also need to know how to run a business.

 

 

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