| Everybody knows that there are taxes that | | | | are buying. |
| have to be paid - and if you live in an area | | | | |
| that charges sales tax, you are probably | | | | After a year of work, you'll need to pay or |
| aware of that type of tax from a very early | | | | file your taxes. This depends on the type of |
| age. Sales tax and income tax are some of the | | | | job you have and whether or not you've been |
| most common types of taxes that people come | | | | paying taxes all along. Chances are, if you |
| across early on. However, these are | | | | work for a major company, your federal income |
| definitely not the only types of taxes that | | | | taxes are taken out of your paycheck before |
| you will end up paying, even if they are some | | | | you even get it. In this case, you will only |
| of the easiest to understand. | | | | need to file your taxes during the first few |
| | | | months of the year after you earned the |
| Generally, you will end up paying taxes on a | | | | money. If you did not work for a company that |
| few things. First, you will need to pay taxes | | | | takes your taxes out of your paycheck, then |
| on anything you earn or make - even if you | | | | you'll probably end up owing money for your |
| are not getting the money directly through | | | | taxes. |
| your job. For instance, if you go to a casino | | | | |
| and win a large amount of money, you'll have | | | | There is an exception to this, however. First |
| to fill out a tax form before the casino is | | | | of all, if you did not make over a certain |
| allowed to let you cash out. If you invest in | | | | amount of money during the year (this amount |
| the stock market, you'll have to pay capital | | | | varies depending on your living situation), |
| gains taxes when you sell your shares. | | | | then you do not owe any taxes. You will still |
| | | | need to file, but any money that was spent on |
| Taxes are also applied to property that you | | | | taxes during the previous year will be sent |
| may own, as well as excise taxes. Excise | | | | back to you. |
| taxes are the taxes you pay on cigarettes, | | | | |
| alcohol, and gas. In some cases this is due | | | | You can also deduct certain expenses, |
| to these substances being somewhat | | | | including money that you spend on equipment |
| restricted, in other cases it is related to | | | | for your own business if you have one. |
| how difficult it might be to import what you | | | | |