Tax Preparation for Beginners: The Easy Way to Prepare, Reduce, and File Taxes Yourself

By Instafo and George Cohen

The Beginner’s Guide to “Tax Preparation”

Welcome Newbie - who wants to prepare, reduce, and file taxes yourself...

Taxes suck! They suck so bad that they might as well be called “tasses” because they truly are a pain...of a task...to keep track of, prepare, calculate, and file every year.

What about hiring an accountant to do the work? Wait, did you forget about needing to stash a couple hundred bucks or more depending on how complicated your tax situation is to pay a professional, which you don’t have or don’t want to depart with?

Simply put - we all hate doing taxes and, even more, giving up a portion of our hard-earned money to the Taxman. We dread them. We can’t avoid them. The penalties are there for not complying.

Psst...now let us let you in on a little secret. Tax prep isn’t as perplexing as you may think. Sure, tax returns are designed with all sorts of convoluted technical wordings and footnotes to throw us, taxpayers, off from easily gaming the taxation system that funds our government and from us easily gaining the optimal tax efficiency for saving on our tax bill, because Uncle Sam does want to squeeze out every last cent. The fact of the matter is, anybody can file taxes - and for free - without ever needing to pay for an accountant or throw money at the latest popular tax software.

If you have never done your own taxes before, you’re in luck. “Tax Preparation for Beginners” is precisely what the greedy Taxman hates and what you need to get you up to speed and empower you to feel confident and competent to file taxes for the first time, all by yourself.

“Tax Preparation for Beginners” will guide you through:

- The personal information and documentation needed upon filing your tax return

- The good old-fashioned doing taxes by hand-on-paper for seniors or technophobes

- The eFile way of submitting taxes directly to the IRS for free with no muss, no fuss

- The convenient software to handle complex tax situations, expenses, and deductions

- The safely-guarded methods nobody uses, except the rich, to pay as little to no taxes

...on top of everything else that beginners need to know.

You will not only get a guiding hand on preparing taxes - but also the secret to NOT paying taxes...legally...like how the wealthy do. Alright, that might be too far of a stretch - so at the very least, lower your taxes dramatically below the standard limitation via “tax hack strategies,” which even an accountant probably doesn’t disclose upfront unless you already know how to exploit those things and bring them up.

Also, shall we dare say that you might find doing taxes fun? We know! That’s likely blasphemy to associate “tax” with “fun.” Yet, there’s no denying that getting bigger than anticipated “tax refund” is always “tax fun.” Right?

Fear no more of the Taxman and taxes, newbie. Now even a high schooler, who knows diddly-squat about finance while still living in their parent’s basement, can file taxes on their own after getting their first job and paycheck ever. You’ll never have apprehension again but instead - the capability in doing all your taxes from now on.

• Language: English
• Publisher: Instafo
• Release date: Mar 22, 2021
• ISBN: 9781005097264

Instafo

"Indulge Instant Info."Information is power, and here at Instafo, our mission is to reach a particular group of individuals who are committed to improving their lives, those who have always craved a platform that focuses on truly improving its community.What differentiates Instafo, is rather simple: with a wealth of all-encompassing knowledge, Instafo is the go-to instant information media to providing only the most helpful and useful information that matters - to instruct, inform, inspire, and innovate in order to enhance one’s abilities, life quality, and/or happiness.Elevate your lifestyle. Refine your mentality. Foster your individuality. And exceed even your own expectations through Instafo.For more information, visit https://instafo.com - and join the community.

Book preview

Baby Beginners Presents

Tax Preparation for Beginners

The Easy Way to Prepare, Reduce, and File Taxes Yourself

George Cohen & Instafo

Copyright 2021

Smashwords Edition

It is impermissible to reproduce any part of this book without prior consent. All violations will be prosecuted to the fullest extent of the law. While attempts have been made to verify the information contained within this publication, neither the author nor the publisher assumes any responsibility for errors, omissions, interpretation or usage of the subject matter herein. This publication contains the opinions and ideas of its author and is intended for informational purpose only. The author and publisher shall in no event be held liable for any loss or other damages incurred from the usage of this publication.

Table of Contents

Chapter 1: The Dreaded Tax Season

1.1 Death and Taxes

1.2 Self-Filing Criteria

Chapter 2: Going Over the Tax Return Process

2.1 Mistakes Avoidance

2.2 Preparation Protocol

Chapter 3: Understanding the Basics and Terms

3.1 Documentation Familiarization

3.2 Basics I - Personal Information

3.3 Basics II - Dependent(s) Information

3.4 Basics III - Sources of Income

3.5 Basics IV - Types of Deductions

3.6 Basics V - Filing Statuses

Chapter 4: Method 1 - Doing Simple Taxes Manually By Hand

4.1 Back-to-Basics Ways

4.2 Step 1: Download the Tax Form

4.3 Step 2: Calculate with Schedules

4.4 Step 3: Deduct for Extra Savings

4.5 Step 4: Organize the Necessary Documents

4.6 Step 5: Pay the Tax Bill

4.7 Step 6: Keep Record of the Tax Return

4.8 To-Do: Practice on Past Tax Returns

Chapter 5: Method 2 - Filing Faster Taxes for Free Online

5.1 The Free Tax-Filing Software

5.2 The IRS e-File Submission

5.3 To-Do: File Your Taxes Electronically

Chapter 6: Method 3 - Using Software for Proprietary Taxes

6.1 Paid Self-Solutions for Complicated Taxes

6.2 The Proprietor’s Filing Process

6.3 To-Do: Filter Out Filing Software

Chapter 7: Reinforcing the Tax Fundamentals

7.1 Brush-Up To-Do 1: Know the Required Prerequisites

7.2 Brush-Up To-Do 2: Know the Free Software

7.3 Brush-Up To-Do 3: Know the Paid Software

7.4 Brush-Up To-Do 4: Know the Filing Status

7.5 Brush-Up To-Do 5: Know the Tax Forms

7.6 Brush-Up To-Do 6: Know the Ideal Solutions

Chapter 8: Method 4 - Hiring the Tax Experts to Handle All the Work

8.1 Professional Deference

8.2 The Screening Search

8.3 The One-on-One Meeting

8.4 The Expected Follow-Up

Chapter 9: Advanced Method - Legally Avoiding Paying Taxes like the Rich

9.1 Taxation Re-Engineering

9.2 Income Type I - Earned

9.3 Income Type II - Portfolio

9.4 Income Type III - Passive

9.5 Tax-Advantaged Shelters

9.6 Tax Shelter I - For Employment

9.7 Tax Shelter II - For Retirement

9.8 Tax Shelter III - For Health

9.9 Tax Shelter IV - For Education

9.10 Taxable Account’s Advantages

9.11 To-Do: Maximize Tax Reductions

Chapter 10: The Anticipated Tax Triumph

Chapter 1:

The Dreaded Tax Season

Death and Taxes

Ugh, tax season...what a great time of the year to be alive, right? Actually, let’s be real here...doing taxes sucks! We all hate and dread it. "Taxes are a complete pain up in our arsenals that they might as well be called tasses."

Alright, perhaps we are being a little too harsh here...

Because how else is our dear Uncle Sam going to collect money to pay for