Test your tax knowledge

[jfoxcpacfp]

Our April newsletter went out today and, in honor of the looming deadline tomorrow, we feature a tax quiz I created over the weekend. You can take it by clicking here - I hope you'll post how well you did.

If you'd like to receive our monthly newsletter, which we write specifically for doctors and other HIPs, you can sign up using the link at the bottom right-hand area of any page on our website. If you haven't downloaded our financial guides for doctors, you can both sign up for the newsletter here and download any or all 3 guides.

Good luck!

[Craigy]

I probably got half  :|   That said, a lot of these are super-vague and subjective.   :P

Glad I don't do income tax

Happy tax day!!!

[adventure]

16/25. Yikes.

I missed most of those related to corporate tax dates, alimony, and SEP IRA's. All things I haven't dealt with.

[jfoxcpacfp]

Craigy wrote:

That said, a lot of these are super-vague and subjective.

Click to expand...

Aww, really? Which ones? They're pretty tough, but I really didn't intend to be super-vague and subjective. 8O

[Craigy]

Don't worry I'm just mad since I got so many wrong

Off the top of my head, eg, "you don't have to file a gift tax return" is false because you still should file a return.

[jfoxcpacfp]

Craigy wrote:

Off the top of my head, eg, “you don’t have to file a gift tax return” is false because you still should file a return.

Click to expand...

Well, it does say "need to" rather than "have to", but I see your point on that one.

I changed the wording to "never need to". Now everybody is going to get this one right lol.

[Craigy]

jfoxcpacfp wrote:

Craigy wrote:

Off the top of my head, eg, “you don’t have to file a gift tax return” is false because you still should file a return.

Click to expand…

Well, it does say “need to” rather than “have to”, but I see your point on that one.

I changed the wording to “never need to”. Now everybody is going to get this one right lol.

Click to expand...

Now that I've taken it, keep that difficulty up!  In fact, make it a little harder.

In all seriousness, it was a good little quiz, I definitely picked up a few things.

[Complete_newbie]

Any good books besides simple W2 related tax to learn all of this short of doing a CPA? Just want to become good at K1s, 1099s, extra forms etc

 

Thanks!

[jfoxcpacfp]

Complete_newbie wrote:

Any good books besides simple W2 related tax to learn all of this short of doing a CPA? Just want to become good at K1s, 1099s, extra forms etc

 

Click to expand...

The best way to learn is to do the returns yourself, by hand, digging into the instructions. I knew very little when I graduated college and I was the co-valedictorian. I learned everything I know (about my profession) on the job. Using computer software for tax preparation really limits your knowledge.

ps - even though my husband thinks he knows more than I do, doing a CPA will get you nowhere.