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Your Quick Guide To Surviving Income Taxes

It's been said, "There's nothing certain in life but death and taxes" and it is attributed to Benjamin Franklin. It's certainly the truth. Taxes are something that no one can get out of, even if they wish to. But that doesn't mean that you can't learn more in order to make tax time and tax payments all the less stressful.

In truth, there are plenty of ways to make sure that tax season isn't a time of year to fear. By learning about the different taxes that apply to you and to your personal and professional situations, you can start to see how you can make decisions that will help increase not only your tax refund, but also (possibly) your contentment with the Internal Revenue Service.

The IRS is the looming figure in a lot of jokes about taxes, but they are also set up to be sure that everyone pays what they owe. No matter if you have a big business or a small business, you need to pay the government back, but knowing just what you owe and what is expected can help to ease the difficulty of not knowing what to expect.

The Federal Income tax is probably the most heard of tax in the country. You need to think about income tax whenever you take in any money for yourself from a job or from any other sources, so it's something that most of us already know. The federal income tax system is set up as a progressive tax, the more you make the more you pay, and that applies to individuals, corporations, trusts, descendants' estates and certain bankruptcy estates.

While we hear more about the idea of individual income taxes, it is safe to say that any income from any source is most likely going to have some sort of tax upon it. The formula for the federal income tax is not difficult to understand as well. You make a certain amount of money before taxes that is shown on your tax form.

If you can reduce this number with deductions, you will reduce the amount of money the government can tax you on. The IRS then sets up a taxation table based off of the adjusted gross income that you receive from this formula – giving you your tax rate. The maximum rate of tax that is paid is 35%.

Now, if you've had taxes taken out from each paycheck, as the majority of people do, you will then subtract the tax rate amount from this amount that you paid. If the amount is a positive number, then you're going to get a tax refund. But if you get a negative number, this means that you will still be required to pay money to the government.

Some corporations and people also like to pay just enough tax during the year so that they don't end up owing anything, but also so they don't get a refund. Because, in essence, this refund is used as a loan for the government until you receive that refund check. What you are required to pay can be lowered through deductions. The more deductions you have will lower the overall gross income that you are taxed, resulting in lower income taxes.

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About the Author:
Arthur Manford Chambers III is a tax and financial planner who enjoys sharing tips on income taxes and offers extensive free tax guides, and a free "special report" on taxes. Plus you can download the author's new tax guide handbook on his website www.taxesandtax.com

Tags: business, income taxes, tax, taxes

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