🧾 Tax Time

Understand Taxes and Keep More of Your Money

GENO says: Welcome to Tax Time! Taxes might seem complicated, but understanding the basics helps you keep more of your hard-earned money. Today you'll learn how income tax works, the difference between deductions and credits, and how to use tax-advantaged accounts. Knowledge is money!

📋

Tax Basics

How income tax works and tax brackets

✂️

Deductions & Credits

Ways to reduce your tax bill

📝

Filing & Forms

W-2s, 1099s, and how to file

💡 Tax Basics Everyone Should Know

• Marginal Tax Brackets: Only income IN each bracket is taxed at that rate. If you "move up a bracket," only the income above the threshold is taxed higher.

• Deductions reduce your taxable income. A $1,000 deduction in the 22% bracket saves you $220.

• Credits reduce your actual tax bill dollar-for-dollar. A $1,000 credit saves you $1,000. Credits are more valuable!

• Standard Deduction: Most people take this instead of itemizing. In 2024, it's $14,600 single, $29,200 married filing jointly.

Question: 1/5

Score: 0

Streak: 0🔥

Tax Basics

🧾

Filing Complete!

You scored 0 out of 5

Reading & Language

Check Your Level

Applied Learning

Numbers & Money

Science & Tech

Health

Human Behavior

World & Citizenship

Research

The Trades

Certifiable Classes

Business & Enterprise

🧾 Tax Time

Choose Your Topic