Hi everyone and welcome back to Money Girls Quick and Dirty Tips for a richer life.

I'm Laura Adams. From now until the end of the year I'm doing something special to

thank you for being a part of the success of the Money Girl Podcast. The show's been

downloaded over 7 million times, so I'm giving away 7 excellent

personal finance books written by various authors. There will be one winner

each week and all you have to do to be eligible to win is go to

smart moves to growrich.com and sign up. You could keep these books for yourself

or turn them into very nice holiday gifts. Again, go to smart moves to grow rich.com

and register to win seven free personal finance books.

Taxes are probably the most confusing topic

in the world of personal finance.

In my new book that's coming out next month, Money Girl's Smart Moves to Grow Rich.

I cover everything you need to know to create a secure financial future, no matter how much or how little you have.

Chapter 10 will help you make sense of taxes and teach you how to legally pay less.

I boil it down to what you really need to know without trying to

turn you into a tax accountant. You may wonder why you need to know anything at

all about taxes. The reason is because many people pay more in taxes each year than they do for their mortgage or rent.

That means falling prey to a common misconception about taxes could cost you a bundle.

So let's start by busting five common myths about

federal income tax income tax. Income tax myth number one the poor pay a bigger

percentage of their income on taxes.

In the United States our income tax is called a marginal or progressive tax

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