Taxation is the part of your financial life you cannot avoid, but you can understand and plan for so it does not take more than it should. This includes knowing your effective tax rate, taking advantage of legal deductions and tax-advantaged accounts, and understanding the difference between tax avoidance (legal and smart) and tax evasion (illegal). Most people overpay taxes simply because they do not understand the rules — and the rules were written to reward those who do.

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