Tax Basics

What You’ll Learn

This chapter introduces the basics of taxes, covering the different types of taxes you may encounter, how income taxes work, and what goes into filing a tax return.

Key Takeaways:

• Common types of taxes: income, payroll, sales, and property

• How income taxes are calculated using brackets

• The difference between deductions and credits

• Basic steps for filing taxes and common tax forms

• How to stay organized during tax season