Students in U.S. schools learn a variety of topics they may never use. But most of them aren't learning one skill they will almost certainly need later: how to do their taxes.itself is catching on, but is still pretty sparse in American schools. Just 25 states guarantee a standalone personal finance course for students before graduation, according toI'm a certified financial planner and tax reporter at CNBC.
"I am a tax accountant and I spent five years of additional education after high school and an additional eight years in public accounting to understand taxes, and it still would be difficult for me toDepending on your situation, the process itself may not be difficult, she says. But a number of variables can make it tricky to do your taxes yourself.For someone with a straightforward income situation, filing your tax return is generally straightforward as well.
That calculation process is where things can get tricky, especially if you have a variety of income sources, Donnellan says. Ordinary income is taxed at what's known as the marginal tax rate, whereasis generally your salary and wages, but can also include earnings from things like rent you collect on an investment property or interest you earn on certain investments.that can lower your tax liability.