810 Quincy Street | Rapid City, SD 57701
(605) 342-5630
(605) 342-2172

What do you know about taxes?

Taxes

How much do you know about federal income taxes? If you’re like a lot of Americans, you’ll have the right answer about half the time. A recent survey by NerdWallet asked more than 1,000 people a series of questions. Here’s a sampling:

  • If your exemptions and holdings are correct, your refund should be? (As close to $0 as possible.)
  • When can you adjust your W-4 at work? (Anytime.)
  • Is money you put in a Roth IRA pre-tax or post-tax? (Post.)
  • What can you do with a flexible spending account (pay medical and child care costs tax-free).
  • Are 529 Plans deductible? (No, but the plan’s returns are tax-free.)

The average score was 51 percent correct answers. The low level of tax knowledge is probably not surprising. A lot of people’s eyes simply glaze over when talking about taxes. Deductions and exemptions, tax credits, withholding and adjustments to income are terms that are not exactly self-explanatory. And when you get into depreciation and expenses and capital investments, it gets even murkier.

If you are a client of Ketel Thorstenson LLP, you need not worry. Whether you’re working with one of our Rapid City tax professionals, one of our Spearfish tax accountants or a Ketel Thorstenson CPA in Williston, we have the experts who can walk you through it.

Beth Hottel

Beth Hottel

Beth has over 25 years’ experience in marketing, advertising, and business development. She handles all of the marketing, public relations and communications for the firm.
Beth Hottel

0 Shares
Share
Tweet
+1
Share
Pin
Email
X