Do You Understand Basic Tax Returns?
The Internal Revenue Service, at the urging of the U.S. Congress has begun to
make themselves more "tax friendly" toward taxpayers. As part of making the paying
of taxes less stressful, the IRS is providing more self-help information on the
process of paying taxes through its website.
It can not be stressed enough that every taxpayer, especially those who are in business
for themselves, with or without employees of their own, should become familiar with the
basics of individual and business taxes. Through proper legal strategies and planning
taxes can be reduced. Paying unnecessary taxes benefits no taxpayer. Hiring an expert
to do tax planning can be expensive, and can be partially, if not completely, avoided by
a program of self-education on tax matters.
Take some elementary self-assessment tests on your basic knowledge and understanding
of tax forms and some related topics. (Clicking on the links takes you to a section
on the IRS website. Click "Back" on your browser after completing each module to return
to this page and website).
- Module 1: Payroll Taxes and Federal Income Tax Withholding
Go Here
- Module 2: Wage and Tip Income
Go Here
- Module 3: Interest Income
Go Here
- Module 4: Dependents
Go Here
- Module 5: Filing Status
Go Here
- Module 6: Exemptions
Go Here
- Module 7: Standard Deduction
Go Here
- Module 8: Tax Credit for Child and Dependent Care Expenses
Go Here
- Module 9: Earned Income Credit
Go Here
- Module 10: Refund, Amount Due, and Record Keeping
Go Here
- Module 11: Electronic Tax Return Preparation and Transmission
Go Here
- Module 12: Self-Employment Income and the Self-Employment Tax
Go Here
These tests can be enlightening about some fundamental issues on personal taxes, but are
not complete or thorough on any of the subjects. There are articles on this website which
will delve into more complex issues on taxes later on.
Return to the Contents of the indicated sections by clicking on a link below:
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