Fitness Times Newsletter: 2020 Q1

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Fitness Times Newsletter

Volume 55 :: Q1, 2020

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Announcements

As a friendly reminder, your 2019 taxes need to be filed by Monday, April 15th, 2020.

- Financial Fitness Association

Podcast: Filing Your First Tax Return

In this podcast, we are going to discuss filing your first income tax return.

Filing your income tax return may sound frightening, but it’s not as bad as it may sound. It is something that everyone has been doing since 1913 and is something you will be doing for the rest of your life. You may decide to use a professional to prepare your return or prepare it yourself with or without the help of income tax software.

Fundamentals of Income Tax

Our federal income tax system was implemented in 1913 simply as a way for the government to collect revenue. Since then, the laws have been expanded and revised dozens, if not hundreds of times.

Read now >>

How Long To Keep Your Tax Records?

Knowing what information to keep and how long to keep it can help you organize your taxes and save space in a closet or file cabinet.

The Internal Revenue Services (in Publication 17) says that you must keep records so you can prepare a complete and accurate income tax return. They go on to indicate that you must keep your records for as long as they are important to the federal income tax law.

Understanding Tax Brackets

Income taxes are not simple. Discussions about income taxes normally include not only terms like tax rate and tax bracket, but also terms such as adjusted gross income and taxable income.

Let's start with some basics on how our tax system works.

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Thank you for your valued membership,

Financial Fitness Association

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About

Financial Fitness Association is a non-profit on mission to help our members avoid financial distress, establish personal financial control, and achieve individual financial goals by providing information and resources in the areas of personal finance and money management. Learn more about us now.

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