Friday, March 16, 2007

13 basic tax lessons

You maybe done with your taxes for this year, but these are lessons you can use forever. When it comes to taxes, knowledge is money. e.g. If you didn't know about the telephone credit being given this year, you would miss out on the easiest 40 bucks you ever made. Here are 13 lessons to last you a lifetime from Bankrate.com.

1. Overwithholding is bad.
2. Underwithholding is bad.
3. Tips to differentiating your income.
4. Different dollars have different rates.
5. Itemizing isn't always necessary.
6. Credits are better than deductions.
7. Exclusions add up to tax savings.
8. Stealth taxes sneak in.
9. Deductibility has its boundaries.
10. Earned and unearned are taxed differently.
11. Extension to file means just that.
12. Audit pain can be reduced.
13. Simple can be costly.


More details here.

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