Tax laws are not easy

I have been studying Federal Income Taxation (as part of my undergraduate accounting degree) and I can tell you this it is not an easy course. Sure you can memorize the tax codes and the deductions and exclusions to you gross income, but if you have many investments and itemize your deductions, then the real craziness begins. As my professor has said, every time Congress says that they are simplifying the tax code to make more people understand, they make it more complicated.

The tax software that is available in the market is only for those people who have a simple filing like the W-2 that you get from your employer regarding your income and tax payments. Otherwise if you have more than just your job and include investments, interest income, charitable contributions, child support, alimony payments, education tax credit, you have to go to a Certified Public Accountant.

The other thing is that you want to make sure that you don’t miss any itemized deductions that you are entitled to nor you don’t want not to exclude any income which is taxable and you are hiding or have failed to mention to your accountant. I can go on and on regarding the tax structure and how you can maximize your deductions and minimize your taxable income but then you would have to go through of what I am going through now with the Tax course. The only thing I can say is that the Tax laws are not easy by any means.