52 Simple Ways to Manage Your Money – 36. Saying The “T” Word – Income Taxes
What it is…
A predetermined portion of income paid co the Internal Revenue Service Department of the U.S. Government as a result of being a citizen of this country.
Key items to look for…
An effective and efficient recordkeeping system.
The tax consequences of any financial decision.
Time …
Two hours or more for the preparation of your tax return, depending on the complexity of your return and the accuracy of your record keeping system.
One hour every month to update records.
Keys to action…
Familiarize yourself with tax laws by reading articles and other sources of information.
Develop or purchase a recordkeeping system.
Decide to do your own tax preparations or hire a professional. a Work on your project regularly.
SET IT UP
An easy system of recordkeeping saves you from panic on April 14th o f every year.
STEP ON IT
Learning about taxes allows you to use the correct strategies to avoid overpaying.
STEP ON IT +
A refund means that you have made an interest-free loan to the government. Adjust your with holding so that it comes out even at tax time.
Notice …
Where your personal integrity lies in this area.
Whether tax consequences determine your financial decisions.
Your reaction to the tax structure in this country.
Thought primers …
If paying taxes took less time and energy...
If I accepted the idea of paying taxes…
If I organized an effective method of keeping crack…
If paying taxes didn’t dictate my financial decisions…
If I saw that it was possible to organize my life around nor paying taxes...
When I hear of people cheating on their taxes…
“In this world nothing is certain but death and taxes.” — Benjamin Franklin