by Charlotte Wood
(last updated February 21, 2009)
You can't grow up in a normal environment and not know what taxes are. You hear your parents talk about them when you're young, you watch Disney movies like "Robin Hood" and hear about the tax collector, and then when you're older you go to your first job, receive your first paycheck and then realize that a good chunk of what you just worked hard for goes to the government. Your parents or someone else usually files your taxes for you and you can really go through most of your growing up years knowing minimal tax information. However, now the time is come where you need to know about taxes, even if it's just the basics.
The biggest and probably easiest thing to know about taxes is when they're due. The forms and red tape can be hard to muddle through, but knowing the dates for when you need to have your taxes filed is hugely important and really easy. The big day for accountants, businesses, and many individuals alike is April 15. That is the day for taxes. It's tax day. That's the day when accountants go crazy and you may rush to get your taxes in on time. It's a big day for your finance world. If the 15th comes on a weekend, the due date is just pushed back until the next month, so it can also be the 16th or the 17th in special situations.
What if however, you can't get your taxes in on time? What then? You need to do something so don't just sit there and let your files collect dust just because you missed the due date. That's a bad idea! You usually automatically receive a filing extension, but that doesn't exempt you from having to pay penalties and interest.
Tax day is a big day for your finances and one you should pay close attention to. It actually doesn't have to be a big deal if you can get your taxes filed well before the due date. Every year I've filed my taxes, I just get it out of the way early on in the year and that way I don't have to worry about it come April 15. Taxes don't' have to stress you out so much, so just keep on top of them and make sure you get them done!
Tax planning is a great way to minimize federal income tax liability. There are several legal methods of postponing income or ...Discover More
If there is one aspect of taxes that causes the most confusion among people then it has got to be tax deductions. Frankly, if ...Discover More
Taxes can be intimidating and so can audits, so when you put the two together, you have quite the intimidating combination! ...Discover More