Reading the tax code

After listening to the Rich Dad Poor Dad audiobook I was encouraged to learn more about the US tax system.

So I decided to dive into the Form 1040 - the individual tax form.

The Rabbit Hole

As I began to uncover the details by reading through the 1040 instructions, there were many more forms and instructions to read just to understand some single lines in the 1040!

I must say I am amazed by how comprehensive and vague the tax code can be at the same time.

It's now been some weeks and I now have a greater appreciation and interest in learning about the US tax code.

Don't get me wrong - I DO NOT want to be a tax professional. But I do want to be an informed and wise tax payer.

"Rich Dad Poor Dad" helped me realize that as a tax payer I have benefits to tap into with the US tax code.

There is a wealth of knowledge to learn when diving into the details of the US tax code and I believe all tax payers should be aware of these things. But let's be honest with ourselves, not everyone is interested in learning the details - we want the BENEFITS right!?!

Necessary Investment

This is where I believe we've got to be careful as tax payers. Just wanting the benefits without the necessary investment for any endeavor can be harmful in the long run (e.g., sex without marriage, weight loss without exercise or lottery winnings without a financial plan).

So this is why I believe I'll have to be careful to not proclaim the tax advantages of the US tax code without sharing the necessary requirements to position a tax payer for these benefits.

And on a personal note, I will not blindly accept the tax advantages I hear about in the tax code without understanding in detail the requirements that will benefit me.

Tax Evangelism

So what am I saying here? Well, I am thinking out loud about how I can help my friends and family with all of this. I want to help my loved ones do better with their taxes because I'm tired of hearing the frustrations related to paying taxes when filing a return.

It's not that I'm fed up with their complaining, I'm fed up with their lack of knowledge.

But even before I get there I want to practice what I'm learning to see the benefits for myself. Then I will have knowledge and experience to share with my loved ones. And hopefully they will be able to take hold of this transformative information and excel.