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How do you understand taxes while you add up the number How is it a struggle at times or is it easy over the years? What does a tax sheet look like ? are taxes hard??
I was wondering just to understand more so when I do grow up I'll understand and have everything in place i just thought it was helpful to know for myself.
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6 answers
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Jasmine’s Answer
Hi Sheneba,
Great question!. Taxes effect everyone so don't worry if you don't have it down yet colleges/universities will offer courses on taxes and how they work. Once you've learn the fundamentals, inputting the numbers won't seem as challenging.
Are they hard? It depends. I would say the more streams of income you have (consultant, content creation, contractor, real estate) the more complex tax can become. Once you find your groove it will move smoother.
Great question!. Taxes effect everyone so don't worry if you don't have it down yet colleges/universities will offer courses on taxes and how they work. Once you've learn the fundamentals, inputting the numbers won't seem as challenging.
Are they hard? It depends. I would say the more streams of income you have (consultant, content creation, contractor, real estate) the more complex tax can become. Once you find your groove it will move smoother.
Wayne Archibald
Cybersecurity Associate Director here to share knowledge!
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Wayne’s Answer
Hey there, Sheneba! No doubt, taxes can seem like a tough nut to crack. But don't worry, there's plenty of help available for folks trying to file their taxes.
Check out this website for some handy insights -- https://apps.irs.gov/app/understandingTaxes/index.jsp/.
You've got this!
Check out this website for some handy insights -- https://apps.irs.gov/app/understandingTaxes/index.jsp/.
You've got this!
Hey Wayne, this led me to a 404 error page. Can you please double-check the link?
Gurpreet Lally, Admin
Updated
Shirley’s Answer
Hi Sheneba,
The tax code can be very confusing, and there are many gray areas. If you're concerned about your specific tax situation, consult a CPA who can guide you in the right direction. If you're interested in become a tax expert yourself, pursue an accounting degree and specialize in taxation. Keep in mind, it will take years of experience to become a subject matter expert (SME).
The tax code can be very confusing, and there are many gray areas. If you're concerned about your specific tax situation, consult a CPA who can guide you in the right direction. If you're interested in become a tax expert yourself, pursue an accounting degree and specialize in taxation. Keep in mind, it will take years of experience to become a subject matter expert (SME).
Updated
Xiaojie Johan’s Answer
Hello Sheneba,
Thanks for posing the question, but taxes are not too difficult to file at least for me. They do take a long time, but the best way to understand how to file them is by reading the documentation that the IRS provides every year for each of the forms. The booklet that they do provide is pretty big, but all of the details are there. If you want to know more about accounting and financial accounting as a career, it does get more difficult and complex. You would need to go to school to study accounting and potentially obtain the CPA license in order to continue with that track.
Best of luck!
Thanks,
Johan
Thanks for posing the question, but taxes are not too difficult to file at least for me. They do take a long time, but the best way to understand how to file them is by reading the documentation that the IRS provides every year for each of the forms. The booklet that they do provide is pretty big, but all of the details are there. If you want to know more about accounting and financial accounting as a career, it does get more difficult and complex. You would need to go to school to study accounting and potentially obtain the CPA license in order to continue with that track.
Best of luck!
Thanks,
Johan
Updated
Fiona’s Answer
Handling your taxes can be a bit tricky, with many different factors to understand. However, with the right tools and knowledge, you can make the process much easier. Follow these steps, focusing on the parts that apply most to your personal tax situation, to make the process smoother. Here are some important steps to follow:
1. Get to know your tax situation. This includes your income, expenses, and any federal and state requirements.
2. Figure out your filing status. Are you single, married, or something else?
3. Keep copies of your tax returns and any supporting documents for at least three years.
4. Consider using tax software or hiring a professional. This can be very useful in managing different parts of your filing requirements.
5. Stay informed about any changes to tax laws that might affect you.
Remember, having a positive attitude is key. You can do this!
1. Get to know your tax situation. This includes your income, expenses, and any federal and state requirements.
2. Figure out your filing status. Are you single, married, or something else?
3. Keep copies of your tax returns and any supporting documents for at least three years.
4. Consider using tax software or hiring a professional. This can be very useful in managing different parts of your filing requirements.
5. Stay informed about any changes to tax laws that might affect you.
Remember, having a positive attitude is key. You can do this!
Updated
Anusha’s Answer
Hello Sheneba,
Once you get the hang of the fundamental principles and guidelines, you'll start to grasp how taxes function. To understand how to complete a tax form, you can look up the instructions provided by the IRS for that specific form. If you're interested in diving deeper into the subject, you might consider pursuing an accounting degree.
Best regards,
Anusha
Once you get the hang of the fundamental principles and guidelines, you'll start to grasp how taxes function. To understand how to complete a tax form, you can look up the instructions provided by the IRS for that specific form. If you're interested in diving deeper into the subject, you might consider pursuing an accounting degree.
Best regards,
Anusha