“The hardest thing in the world to understand is the income tax.” - Albert Einstein, physicist. Well! It may be connected to his theory of relativity but, being a physicist that he was, he didn't think of the U.S. tax system in reverse. It would have been a lot easier for him if he understood two things:
- The more you make, the less you pay - ever heard of loopholes?
- The less you make, the more you pay - never heard of loopholes?
Filing tax returns, for some, is like going to the dentist. If you have flossed once a day and brushed twice a day regularly, then going to the dentist should be a breeze and not something to dread upon. So keep records of all your income and expenses. Figuring out your tax returns should be a breeze as well.
Don't try to fool IRS
Al Capone was not sent to jail by Eliot Ness.
Al Capone was sent to jail by IRS.
Two important tax dates in 2012
Jan. 17, 2012 – IRS starts processing 2011 tax returns - already started
Jan. 31, 2012 – Deadline for companies to mail W-2s & 1099s
