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!
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Select a tax topic to master
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Tax Basics
How income tax works and tax brackets
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Deductions & Credits
Ways to reduce your tax bill
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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.
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Tax Basics
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