Other Important Things to Know

Beyond the taxation of income, deductions, and credits, there are a few more important things that you should know. First, the Alternative Minimum Tax is always lurking in the shadows of your tax world. Be sure to know how it works and whether you are in danger of its wrath.

Second, be sure to understand the penalties and interest the IRS can hit you with, and how to avoid them. Third, it is important to know when to get help. There are times when professional advice can make a very big difference. And last, the Affordable Care Act reaches into nearly every aspect of your tax return. Be sure to understand how it will affect your return. Part VII has a chapter devoted to each of these topics, which you won’t want to miss.