Here's another installment of FUNNY MONEY!!!
Its the first of the year and tax time is around the corner...so here's a few tips to maximize your earnings and not fall into the IRS audit trap.
Here are FIVE tips I think you should know about your money and taxes....
1. If you get a big refund each year, you're having too much withheld from your paycheck.
In effect, you're giving the government an interest-free loan. (See my post here for more details)
2. If you have too little withheld, you may be charged an underpayment penalty.
You must pay 90 percent of what you owe for the tax year by the end of that year or an amount equal to 100 percent of your tax liability for the previous tax year, whichever is smaller.
3. A credit is better than a deduction.
A credit is a dollar-for-dollar reduction of the taxes you owe. A $100 credit means you pay $100 less in taxes. A deduction reduces the taxes you owe by a percent of every dollar you're allowed to deduct.
You calculate the worth of your deduction by multiplying your marginal (or top) tax rate by the amount of the deduction. If you're in the 25 percent tax bracket, a $100 deduction means you'll pay $25 less in taxes ($100 times 0.25).
4. Not every dollar of your taxable income is taxed at the same rate.
That's because portions of your earned income fall into different brackets, which are assigned different tax rates. Generally speaking, the first dollar you make will be taxed at a lower rate than your last dollar. Your marginal tax rate is the tax bracket at which the highest (or last) portion of your income is taxed.
5. If you file your return by April 15, but don't pay the tax you owe, you may receive a late payment penalty.
The same goes if you file for an extension. An extension only allows you to file your return after the due date. But full payment is still required by April 15. If you make a partial payment by then, you may be charged interest on the amount outstanding.
See more tips at CNN Money
Related posts
IRS refund
Labels: finance
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