“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/

 

Tax Menu

 

 

 

 

 

 

 

Tips on How to Fix Errors Made on Your Tax Return

Wednesday, August 8, 2012, 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, 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 […]



Naive And Wishful Thinking To Expiring Tax Cuts

Saturday, July 7, 2012, AM | Leave Comment

The Bush Administration tax cuts are to expire by the end of the year. If Congress don’t do anything and let the tax cuts expire, it would mean the old tax rates would be back. That in essence will be like having new taxes which in this still bad economy will amount to another burden […]



Time To Have Mid Year Tax Review

Monday, July 2, 2012, AM | 1 Comment

When you go to the dentist twice a year for cleaning and checkup, why not visit your tax status the same – twice a year. Because it’s mid year, this is a good time to do so. This year is special because of changes that may be coming to you. Congress so far has not […]



Details Relating To the Uniform Tax Refund

Wednesday, May 23, 2012, AM | Leave Comment

Citizens of respective countries can avoid paying taxes to the government using several methods. Presently, the government of many countries are allowing exemptions in the payment of taxes. The citizens belonging to the United Kingdom enjoy the special advantage of the uniform tax rebate. Getting deduction on paying the taxes for an employee depends largely […]



Tax Issues To Be Aware Of

Wednesday, May 9, 2012, AM | Leave Comment

The tax season is long passed its 17th April deadline. The sweating of your palms has dried up. Sweaty palms are thought to be the result of a hyperactive nervous system. Tax season is known to be one of the biggest reasons for having sweaty palms. We should all be glad that it’s all over […]



Tax Issues With Estate Planning

Monday, May 7, 2012, AM | 1 Comment

If you have not made out your will yet, it may be a good time to do so now. Better yet think about making your estate planning which is considered by personal finance experts to be much better than a will. Will Power If you don’t have a will, your state has one for you […]



Tax Issues With First Time Home Buyer Credit

Saturday, May 5, 2012, AM | 1 Comment

If you received the first-time home-buyer credit for a home purchased in 2008, you should have begun repaying the credit in 2010. This repayment must continue in 2012 and years beyond until the full amount is repaid. You may also prepay a portion of the credit if that will work best for your financial situation. […]



Tax Issues With Home Office

Thursday, May 3, 2012, AM | 2 Comments

If you are self-employed or work from home for an employer, you need to meet the requirements from IRS that the home business operator must face. If your home office qualifies for tax benefits, you may be able to deduct a percentage of your real estate property taxes on your home, mortgage interest, utilities, etc. […]



Tax Issues With Higher Education

Wednesday, May 2, 2012, AM | Leave Comment

Education needless to say is quite expensive, especially higher education. During tax time, you are generally able to get credit for higher education. Of course, not the total amount you have spent but some percentage of it which nonetheless helps in paying tuition fees and other expenses such as books. If the following one or […]