“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


Tax Menu








Tips to Reduce Your Taxes with Miscellaneous Deductions

Saturday, September 7, 2013, 1:00 AM | Leave Comment

Before you know it, tax season will be upon us. It’s less than four months away. For many folks, it’s like hurricane season. However, when you think ahead and are prepared for it, it’ll be like a morning breath of fresh air – a welcome relief. So far as deductions go, some folks will take […]

Are Australian Companies Ready for the 2013 ATO Crackdown?

Friday, February 8, 2013, 2:00 AM | 5 Comments

In September, 2012, the Australian Tax Office announced a crackdown on dubious tax return claims will follow, come the end of the 2012-2013 fiscal year. And while that ending is some six months away, the measures implemented since by the ATO showed they really meant business this time. In September, the ATO blocked tax returns […]

Tax Software To Help You Do Your Taxes

Saturday, January 19, 2013, 6:00 AM | 6 Comments

Albert Einstein used to say “The hardest thing in the world to understand is the income tax.” 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 […]

Understand Basics Of Your Income Tax Return

Wednesday, January 16, 2013, 6:00 AM | Leave Comment

It’s that time of the year again when we have to file our income tax return. A surprising number of taxpayers remain vague about basic tax knowledge, preferring instead to transfer full ownership of their returns to a professional or computer system. This is the middle of January. You may or may not have received […]

10 Tax Tips From IRS When Selling Your Home

Tuesday, October 23, 2012, 2:00 AM | 2 Comments

Everyday we are bombarded with information of all kinds, some good and some may not be so good. That’s why we read newspapers, watch TV news and try to get informed as much as we can digest. We look for, let’s face it, gossip – can’t live without it – but some hardcore news as […]

5 Top Triggers for an IRS Audit

Saturday, September 15, 2012, 2:00 AM | Leave Comment

The Internal Revenue Service or IRS, a US government agency, has been ramping up the process of audits in order to plug the holes between tax payers and the government. The expected gross tax gap before the collection efforts in the year 2005 had been around $345 billion approximately. However, the shrinking of tax gaps […]

Keep Your Sanity By Organizing Your Tax Records

Wednesday, September 5, 2012, 2:00 AM | 3 Comments

You still have some months til next year tax season. But you seldom have time to organize your tax records unless you are determined to do so. The important thing is to be ready with all records when it’s time for you to do your taxes. The IRS strongly suggests organizing your tax records. Devoting […]

Maximize Your Medical and Dental Tax Deductions

Monday, August 13, 2012, 2:00 AM | 2 Comments

Whether the Administration is run by Democratic Party President or Republican, healthcare will never be the same as was 30 or so years ago. The expenses for it are so great that paying for medical and dental care has become extremely challenging for an increasing number of Americans, even for those with good health insurance […]

Tips on How to Fix Errors Made on Your Tax Return

Wednesday, August 8, 2012, 2:00 AM | Leave Comment

If you discover an error after you file your tax return, you can correct it by amending your return as I am doing it now. That ought to be my first priority. I had sold some stocks and the company failed to send me a copy of the record of sale. I had completely forgotten […]

It Is Never Too Late For Tax Planning

Tuesday, August 7, 2012, 2:00 AM | 1 Comment

There are a few things you can do now to save on taxes later when it comes to file your tax return. Don’t procrastinate. The earlier you start, the better. Experts tell us that the average American must work 107 days to earn enough to pay federal, state, and local taxes in 2012. Out of […]