Work Accounting

Effective tax rate and marginal tax rates are two figures every taxpayer should know. Do you know yours?

Effective and Marginal Tax: Know Yours! - Understanding the difference between these two tax rates What is the difference between a Marginal Tax Rate and an Effective Tax rate? Who cares? You might if you add a second job and see some of your tax benefits disappear. Here is what you need to know.

The IRS requires contemporaneous records to prove deductions and credits. That means you can't go back later to get a copy of a receipt you forgot. Here are some tips.

Understanding Tax Terms: Contemporaneous Records - Everyone needs to know what this means! The Internal Revenue Service has a vocabulary of their own. One of the more important is their use of the word contemporaneous. What does it mean, and why should you care?