Taxes and record keeping go together. Understanding what income is (wages, 1099 income, dividends and interest), what is taxed (purchases, income, property), what can be deducted (contributions, medical expenses, business expenses), what an exemption is (you and anyone you provide more than half support to), and what can be a credit toward your tax bill (child care, some energy efficiency expenses) can help you plan for and more accurately utilize the tax system. And, with good record keeping, you will have the necessary documentation to prove your tax return is accurate.
The last step to complete the Taxes Course is to test your knowledge with a quiz. Just click "Next" to begin your quiz.