Do you struggle with the basic concepts of our country’s income tax system?  Do you cringe at the thought of filing your income taxes every year, hoping that you won’t be audited?  Ever wonder why your friends get large refunds every year while YOU have to pay?  Well, you’re not alone.  Millions of citizens are literally baffled each and every year by the progressive income tax system in the United States.  And I can’t say that I blame them. According to the non-profit group The Tax Foundation, the IRC has approx. 9,000 pages covering statutes, revenue regulations and rulings.  Now I’ve been preparing taxes for the better part of 30 years and that intimidates even me!  

Hi, I’m John Gigliello, Certified Financial Planner with the Albany Financial Group and you’re listening to Invest in Knowledge, a podcast about all things financial.  After a life-altering health issue at 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money.  Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.  This month’s episode is about helping you to better understand our country’s income tax code in forty-five minutes or less and the original content has been taken from the Wall Street Journal’s 2022 Tax Guide.  First, we’ll take a look at the Big Picture where I’ll discuss the basics of the tax system.  Then I’ll move into the Bonus Section where I’ll talk about such items as retiree tax issues, concerns for widows and widowers, education tax credits and a special section for first-time tax filers.  

So, strap on your seats belts and let’s take a quick ride through the tax code and remember that there will be a lot of content here, so it’s okay to pull off at your favorite rest stop and take a little break when you need to.  Let’s get started.