Concepts in Federal Income Tax

One of the four courses I’m taking is concepts in federal income tax with Dr. Don Furman. Coming from another country with a completely different tax system and different tax law system you can’t feel anything but lost when it comes to the American taxes. The course is very interesting and Dr. Don Furman is very good in what his teaching and with keeping the subject interesting, (even though everybody thinks that taxes are boring.)

So far in this course I have learned a few important things: YOU can’t do your own taxes, it’s too complex. One example is to try choosing the right tax form, you can choose all three of them but the explanation is; the least complex tax form is 1040EZ, the 1040A is more complex than 1040EZ, and the 1040 is more complex than 1040A. Any person would pick up the phone and call an accountant to fix the taxes.

If you don’t know how much you own to the IRS pay more or else the penalty fees will stack up.

Confusing fact everybody has rights to deduction but for different amounts depending on your relationship status OK, but here comes the confusing part if you are over 65 and/or are blind you can claim an additional deduction. I can understand the part over 65 but the question is why blind and not other disabilities it doesn’t make any sense why other disabilities can’t claim an additional deduction? If somebody knows why please tell me.

The most important rule to think about is that taxes are due April 15 each year; it means that taxes are going to be paid to the IRS regardless of extensions that you get.

If my stay in America would be longer I would have taken some more tax courses because it is interesting to learn how it works in the States. The course is confusing and fun at the same time I recommend it for people who seek some tax adventures.

 

Advertisements