Introduction to income taxes
By Steve Savant
Ash Brokerage Corporation
Taxation with representation is the motto that made the government's garnishing of earnings and investment income part of the country’s budgetary process. Over the last two centuries, the tax code has grown to the most complicated and convoluted document ever created by a modern society.
However, the rules of engaging the IRS code has evolved into a sophisticated game called tax preparation, where the minions in the accounting field micromanage your return to minimize the amount of tax you are compelled to pay. But if you’re a “do-it-yourself-er” there are three itemized categories to become familiar with: tax exemptions, tax deductions and tax credits, to offset your earned and investment income.
Steve and Ken familiarize you with an introduction to the 1040 world of government taxation, because tax rates are rising. Manipulating the system to keep more of your money is the new game in town.