Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Tax planning starts with which of the following?

Analyzing and understanding your income sources

Claiming tax credits

Filing your tax return

Paying estimated taxes

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Verified step by step guidance

Understand the concept of tax planning: Tax planning involves organizing your financial affairs to minimize tax liability while complying with tax laws. It is a proactive process that starts with understanding your financial situation.

Step 1: Analyze and understand your income sources. This is the foundation of tax planning because your income determines your tax bracket, applicable deductions, and credits. Identify all sources of income, such as wages, investments, business income, and other taxable earnings.

Step 2: Research applicable tax credits and deductions. Once you understand your income sources, explore the tax credits and deductions you may qualify for. These can reduce your taxable income or directly lower your tax liability.

Step 3: Plan for estimated taxes if applicable. If you are self-employed or have income not subject to withholding, you may need to pay estimated taxes quarterly to avoid penalties.

Step 4: File your tax return accurately and on time. After completing the above steps, ensure you file your tax return correctly, claiming all eligible credits and deductions to optimize your tax outcome.