Understanding the tax implications of various financial planning decisions is essential as you move through various phases of your life. It's also important to recognize that the tax treatment of various items can change with tax laws. It is essential that you know where to identify important resources to help you understand how to report these items on your tax return.

Action items:

1. Visit the tax section of Kiplinger’s Personal Finance at kiplinger.com or The Balance at thebalance.com to research what the most recent tax topics are today.

2. Identify the appropriate IRS tax publication (www. IRS.gov) that will give you guidance on a particular tax topic.

3. Prepare a one-page report that addresses a tax topic that might be of concern in your financial future.