It isn’t the most interesting topic, but taxes are an integral part of personal finance, and yet often aren’t taught in schools. Therefore, this article will cover what taxes are and why they exist. 

One widely misunderstood concept is the difference between tax evasion and tax avoidance. Though it is integral to pay your taxes, a big part of personal finance is learning how to lessen tax liability and maximize the amount of after-tax income you can earn. On the other hand, deliberately underpaying or not paying taxes is tax evasion, and that’s illegal (so don’t do that). 

Hope this helped, and check back for more, because we will be adding more to our tax series soon!