Saying The “T” Word – Income Taxes

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…

saying-the-t-word-income-taxes
Saying The “T” Word – Income Taxes

“In this world nothing is certain but death and taxes.” —  Benjamin Franklin