Tax Quiz: Can You Answer These 6 Important Tax Questions?

Serious worried senior couple calculating bills to pay or checking domestic finances stressed of debt, retired elderly old family reading documents concerned about loan bankruptcy money problems.
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As an American, you’re responsible for figuring out your own tax liability and filing a correct return. While you can enlist the help of a professional tax advisor or accountant to help, you’ll still have to know which documents and receipts are important so that you only pay the correct amount of tax. If you choose to file yourself, then you’ll really have to be up on the most important aspects of tax law so that you both report all the income that you’re supposed to and that you also claim all of your applicable deductions.

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See: 3 Ways Smart People Save Money When Filing Their Taxes

Of course, understanding how to do your taxes and being intimately familiar with the U.S. Tax Code are two different things. The U.S. Tax Code is an extraordinarily complex document that runs tens of thousands of pages, but most of it isn’t information that the average American taxpayer will need to know to successfully file their taxes. 

So, what exactly are the most important things that you should know to properly file your taxes? And what steps can you take during the year — long before tax time — to help minimize your tax liability when tax day rolls around in April? Take this GOBankingRates tax quiz to see if you know the answers to the most important tax questions for the average American.

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About the Author

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.
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