Week 8 Effective_Tax_Management

Week 8 Effective_Tax_Management - Some ways to save money...

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Title Effective Tax Management  Assessment A: Understanding Taxable Income and Taxes Owed  Meaning of taxable income and taxes owed  Taxable income is the portion of income that is the subject of taxation according to the laws that determine what are income  and the taxation rate for that income. Generally, taxable income refers to an individuals (or corporation's) gross income,  adjusted for various deductions allowable by statute. Tax owed is the amount of money you owe the government, in form of  taxes. Most income is taxable.   Assessment B: Understanding Ways to Save on Federal Taxes 
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Unformatted text preview: Some ways to save money on your federal income tax One way you can save money on your taxes if you give to goodwill. They will give you a receipt when you are done and you can use that for tax breaks. Also being married gives you tax benefits as well as donating to other programs similar to goodwill. Assessment C: Understanding the Steps to Filing a Federal Tax Return Steps to filing a federal tax return 1) Sign and date the return. 2) Assemble the return. 3) Make a copy for your records 4) Mail the return. © 2011 Toolwire, Inc. All rights reserved....
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This note was uploaded on 10/07/2011 for the course RANDOM psy 201 hu taught by Professor Any during the Spring '11 term at University of Phoenix.

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