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The term taxes denote a payment mandated by the government of a country from all individuals earning an income. Any individual who pays taxes is referred to as a taxpayer; who is required by law to make payments based on the determined taxable income. A taxpayer's taxable income refers to the figure used to determine the amount that individual is to pay in taxes for the past year. The collection of taxes forms a part of the primary resource of every state and country. The timely and accurate collection of taxes enables the efficient operation of entities as well as the maintenance of many state-owned properties and businesses.
In general terms, the personal taxes of an individual speak to the fees levied on a taxpayer based on their tabulated income. The calculation is usually done by finding the product of taxable income and the current state tax rate. While a number of items and expenses are taxable, there are also a number of monthly expenses that can be claimed as deductibles. Completing one's tax return each year requires accuracy and often times, some tips on ways to maximize the process.
The purpose of this book is to explore the personal tax do's and don'ts for the 2019 tax period. The content will seek to explore the steps to be taken for measured success and to provide supportive tips to guide the process. It is hoped that content shared with sufficiently enhance the overall knowledge of the subject.
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