Chapter 3 summary Flashcards
1
Q
___ can influence spending, saving, borrowing, and investing decisions.
A
tax planning
2
Q
An awareness of ______ is vital for successful financial planning.
A
- income taxes
- sales taxes
- excise taxes
- property taxes
- estate taxes
- inheritance taxes
- gift taxes
- social security taxes
3
Q
Your total tax liability is based on the___ or ____ less any tax credits.
A
- published tax tables/ tax schedules
4
Q
The___ provide the basic framework for filing your federal income tax return.
A
major sections of form 1040
5
Q
What are the main sources of tax assistance?
A
- Irs services/publications
- other publications
- internet
- computer software
- professional tax preparers such as commercial tax services
- enrolled tax agents
- Acountants
- Attorneys
6
Q
How may you reduce your tax burdens?
A
- careful planning
- making financial decisions related to consumer purchasing
- use of debt
- investments
- retirement planning
