Week 7: The Fool-Proof Guide to Taxes
|It is now time for Week 7 of your Personal Finance Resolution, which brings us to everyone's favorite topic: taxes.In case you missed one of our newsletters, check out weeks 1-6 below:|
Week 1: Assessing Your Current Financial Health
Week 2: Setting Up a Budget
Week 3: Establishing Financial Goals
Week 4: How to Get Out of Personal Debt··· For Good!
Week 5: Slashing Your Spending & Expenses
Week 6: Making the Right Investment Choices
This week's Activity for Success:1) If you haven't done so already, gather and organize your 2013 tax documents
2) Complete your 2013 taxes, provided you have received all necessary documents
3) Assess whether you should alter your withholdings for 2014
This week we are going to do things a little differently.
Introduction to Taxes and Basic Information
You might think that taxes are a necessary evil better left for professionals, but understanding the basics can help you minimize the total amount of taxes that you pay.
End of the Year Tax Planning Tips
Many people don't even think about their taxes until March. But there are good reasons not to wait until the deadline looms in the near future. As the end of the year approaches, there might be some things you can do to reduce the burden you will have when you files your taxes. Here are a few ideas.
Tax Implications of Different Types of Investments
There are different tax implications for each type of investment, including stocks, mutual funds, bonds, etc. Learn more about them here.
A Guide to Filing Your Tax Returns
Unless you are a dependent or you did not make any money during the year, you will have to file a tax return using Form 1040 (or one of its variants, such as 1040EZ or 1040-NR). Most people need to file by April 15 for the previous year's tax return. You start getting reports on your income from your job and other financial institutions in January.
Explanation of the Major Factors Affecting Your Tax Returns
Learn about the different factors that affect your tax returns, including deductions, home, family, gifts, marriage and children.
After reading through these articles, you should have a better understanding of the tax system. We'd like to leave you with a couple tips for doing your taxes:
This week's Activity for Success:1. If you haven't done so already, gather and organize your 2013 tax documents
2. Complete your 2013 taxes, provided you have received all necessary documents
3. Assess whether you should alter your withholdings for 2014
Stay tuned for next week's issue, which will cover Insurance: What It Is and Why You Need It.
By InvestorGuide Staff