Do You Know Enough About Taxes? Take The About Tax Quiz and Find Out
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Do You Know Enough About Taxes? Take The About Tax Quiz and Find Out

Sometimes taking a tiny tax quiz is all you need to find out your understanding of tax calculations. Are you really prepared to file your taxes this year? Do you have all the information needed - or have you left out anything whereby you would miss tax deductions? Take this tax quiz and find out how well prepared you are.

Calculation of taxes due and day you have to file your taxes are two things that could give the creeps to anyone; even veterans feel uneasy about this topic. Every year when you think you have learnt all there is to learn and are prepared well for the filing of taxes, you would definitely find at the nth hour that you have missed out on something important. If this is a regular scene with you, take heart. This will happen no more. Check out your preparedness with the following about tax quiz:

- The required forms – the most important of all are the tax forms. Do you have them all? Do you know where to get them? You can download these at http://www.irs.gov/formspubs/index.html or you could get them at the post office.

- The required documents – do you have the documents ready? Your company would need to provide you the W-2 forms as well as the 1099 forms latest by 31 January. Have these ready and always remember to keep a copy for your own reference.

- The required information – do you have everything itemized and written down clearly? This is the most important of the about tax quiz because any omission here would cost you dear in terms of tax. Some of the deductible yearly expenses are as follows: 

  1. Education and costs related to it (books, manuals, training fees, etc)
  2. Job searches expenses can also be included in tax deductions; if you have not done it yet, do it now
  3. Medical expenses – you could include those incurred for any dependent person who lives with you
  4. Charity - most charitable institutions would have tax deductions provisions
  5. Taxes that are paid for state/ city
  6. Interest paid for mortgages
  7. Gas and cell phone expenses used for business
  8. Last financial year’s loses – you can carry over losses of the last year up to $3,000
  9. Contribution to the last year’s IRA – this is a good way to save money and tax at the same time (the limit here is $4000)

- The possible short-cuts – do you know how to cut down your taxable income? Easy – invest your money in saving plans, i.e. 401k, SEP (Self-Employment Plan), etc. It is always worth educating yourself on how to save taxes the legal way. It surely does not pay to evade taxes; but saving on taxes would give you a wonderful feeling. Eventually, it would not be a bad idea to consult with a tax attorney for personalized advice and some general tips you could use.

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