Important things to know about Taxes

Mar 1, 2023Financial Literacy

Nothing is certain except death and taxes. And for many Americans, Tax Day, which this year falls on Tuesday, April 18, 2023, can often creep up on us. Taxes, specifically the preparation and filing, can be stressful and sometimes complicated, but this does not need to be something that you fear or makes you nervous. By better understanding the basics of taxes, you can stay on top of your taxes and avoid the stressors many experience during tax season.  

Taxes are mandatory payments made to local, state, and federal government to pay for government-funded public works and services, such as public transportation and education. 

Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to overall financial competency, whether this is understanding credit cards or preventing overdraft fees, our curated playlists will provide you with important information.

Taxes: The Basics:

Our Taxes: The Basics module, located in the Building Financial Capability playlist, explains the filing status, taxable income, tax bracket, and deductions and credits, as they apply to your personal income taxes. It also goes over the various documents and forms needed when filing your taxes, breaks down the different types of filing statuses, and helps you estimate your total taxable income.  

This module also informs you about increasingly common tax scams and the best ways to protect yourself against them. Taxes can be complex, and there are often many important considerations to take when filing. Having a fundamental understanding of things like your filing status and what forms are necessary, gathering all information in a timely fashion, and being aware of how to reduce your taxable income, can all help to lessen the burden on you during filing season.

The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.

Explore the program today:

*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal or tax advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.

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