“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:

  1. The more you make, the less you pay - ever heard of loopholes?
  2. 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.

Always remember this golden rule:
You earn your money in pre-tax dollars but you spend them in post-tax dollars.

Don't try to fool IRS

Al Capone was not sent to jail by Eliot Ness
Al Capone was sent to jail by IRS

How to Make Money with Your Tax Return - INFOGRAPHIC

 

 

 

 




 

 

 

 

 

 

Australian tax calculator
http://www.industrysuper.com/calculators-and-tools/calculators/

 

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A Paralyzing Fear of Filing Taxes

Sunday, April 12, 2009, AM | 5 Comments

New York Times Online ran a story “A Paralyzing Fear of Filing Taxes” By Charles DelaFuente Published: April 11, 2009. Charles states that Call it fear of filing. It afflicts normal-looking people who function well in other facets of their lives. The symptoms include failing to file tax returns for years on end and squirreling […]



New withholding tables now available from IRS

Tuesday, February 24, 2009, PM | Leave Comment

The IRS has released new withholding tax tables that will result in more take-home pay this spring for millions of American workers. The new tables incorporate the new Making Work Pay credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law in mid. February. No […]



IRS Is Giving Us Some Perks For 2008 Taxes

Monday, February 9, 2009, AM | Leave Comment

Don’t forget the stimulus package in 2008 that resulted in a good-sized check for many U.S. taxpayers filing 2007 tax returns. There were other major tax changes in 2008 as well. Therefore, don’t miss out on some much-needed cash when you file your tax return this year. While all that tax repairing tool affects most […]



IRS Offers Tips To Avoid Confusion About RRC

Saturday, February 7, 2009, AM | Leave Comment

IRS, on January 30, 2009 posted an explanation on its website about how to avoid the confusion Recovery Rebate Credit (RRC). Many people have already filed their tax returns. According to IRS, about 15 percent have errors involving the recovery rebate credit. You may be eligible to receive the recovery rebate credit if: You did […]



IRS wants to help us in our financial struggle

Thursday, January 22, 2009, AM | 1 Comment

On Jan. 6 2009, Internal Revenue Service – IRS – announced that it has taken new steps to help taxpayers struggling to pay their taxes during the deepening economic crisis. With greater flexibility, IRS employees can work with taxpayers and temporarily suspend collection activity, including garnishing wages and other enforcement steps. This is the second […]



Highlights of 2008 tax law changes

Thursday, January 22, 2009, AM | Leave Comment

These are among the changes taxpayers will find when they fill out their 2008 tax returns. AMT exemptions rise; several expiring deductions and credits get a new lease on life; a new standard property tax deduction and a special first-time home-buyer credit are available to some homeowners; and retirement savings incentives expand. Economic Stimulus Payments […]



Find Out What’s In The Bailout Bill For You

Tuesday, December 2, 2008, AM | 3 Comments

Remember back in October, congress passed the bail-out bill of $700 billion. Inside the bill, there were some tax provisions that would affect us all, the average American taxpayers. “In all the publicity surrounding the bailout package, not much attention was paid to the tax policy items,” says Steve Forrest of Forrest Financial Services. “That’s […]



2009 Inflation Adjustments Expand Tax Brackets and Benefits

Wednesday, November 19, 2008, AM | Leave Comment

If you are working and your employer offers health benefits including flexible health benefits account where a certain amount is deducted before taxes like 401(k), it is time to recalculate your estimated tax return. If you have to do some adjustments, now may be a good time. For 2009, personal exemptions and standard deductions will […]



2008 Inflation Adjustments Widen Tax Brackets

Wednesday, November 19, 2008, AM | 2 Comments

For 2008, personal exemptions and standard deductions will rise, tax brackets will widen and workers will be able to save more for retirement, thanks to inflation adjustments announced today by the Internal Revenue Service. If you have to do some adjustments, this may be a good time to do them. By law, the dollar amounts […]



IRS Seeks To Return $266 Million To Americans

Wednesday, November 19, 2008, AM | Leave Comment

On Oct. 23, 2008, IRS posted this news about IRS Seeks to Return $266 Million. The Internal Revenue Service is looking for taxpayers who are missing more than 279,000 economic stimulus checks totaling about $163 million and more than 104,000 regular refund checks totaling about $103 million that were returned by the U.S. Postal Service […]