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What is taxes for dummies about?

Taxes For Dummies is the antidote to the annual headache that is the U.S. tax system. This book paves the way for you to file a return that maximizes all the deductions and credits available to you. It also provides insight on making smart financial decisions that help minimize your tax burden. Taxes For Dummies: 2024 Edition (For Dummies - Amazon.com amazon.com Taxes-Dummies-Business-Per amazon.com Taxes-Dummies-Business-Per

What happens if you don t pay taxes?

When you do not pay your taxes by the due date, you will start to accrue interest and penalties on the outstanding amount. As time passes, you may be subject to liens on your property or garnishment of your wages.

What are 3 types of taxes?

progressive taxA tax that takes a larger percentage of income from high-income groups than from low-income groups. proportional taxA tax that takes the same percentage of income from all income groups. regressive taxA tax that takes a larger percentage of income from low-income groups than from high-income groups.

How do taxes work simple?

Income taxes are collected through withholding (or deducting) money from your paycheck. Employers deduct the money and send it to the government. People who are self-employed, such as entrepreneurs or ride-share drivers, also have to pay income taxes, but those taxes arent withheld from their earnings. Taxes: Understanding the basics - files.consumerfinance.gov. consumerfinance.gov documents cfpbbu consumerfinance.gov documents cfpbbu

How do you explain taxes to a child?

Simply put, tax is money paid to the government by individuals and businesses that is used to fund public services like schools, police and firefighters, among others. Some of the most common types of tax are payroll tax, sales tax, property tax, estate tax, and gift tax, which well look at later in the article. How to explain US taxes to kids - GoHenry gohenry.com blog financial-literacy-101 gohenry.com blog financial-literacy-101

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