People will start to officially file their taxes by the end of this month ahead of the April 17th deadline for everyone. Tax season can be a stressful time for those who have to file taxes but it can be a teachable moment for those who may not have to file this year.
First, let us address the obvious questions:
- What are taxes?
- Why do we pay them?
- How do they work?
This Crash Course video does a short deep dive into the basics of all of those questions.
Now that those essential questions about taxes are covered we can talk about how you file taxes in the United States. This video from Forbes covers that very succinctly. With the new tax law that just passed you may want to talk to a professional if your taxes aren't usually simple.
Finally....lets address the question that everyone asks:
- How do I pay the least amount possible in taxes?
The Business Insider video below gives a tax break down by state if you're looking to move at any point and we gave some links on how to reduce taxes in an earlier blog post.
Taxes are unavoidable, but you can minimize the impact they have on your bottom line. Every scenario is different, of course, but one thing is universally true: "Planning is the key to taxes," says Carol W. Thompson, a tax professional in the Portland, Maine, region.