The holiday season is upon us, which means those tax returns are begging for your attention. read more
Count up all the money you made this year. Send it all in.
Calculate your taxable income on the front page of Form 1040. Subtract adjustments on the bottom of page 1 of Form 1040, Subtract your personal exemptions and itemized or standard deduction as outlined in the instructions to page 2 of Form 1040.
This depends upon what kind of income you have. Are you salaried, self employed, have schedule B, C, E income? It would hard to just answer this question without knowing what you employment status is. It could be rather lengthy also.
If you are salaried, pages 1 and 2 of the 1040 personal tax returns must be completed with schedule A Itemized deductions included, if you have mortgage interest, medical and dental expenses, state and local tax paid, real estate taxes, gift etc. If your schedule A is not more than the standard deduction; it is usually wise to use the standard deduction. If there are children you may have child credits etc...you do your calculations and page two gives you the amount you owe after all deductions.
You can also file short form if you have no deductions... I noticed this was 6 months ago but it was still open. I hope this helps.
The IRS website has a some useful tools. This withholding calculator helps you estimate your tax liability.
http://www.irs.gov/individuals/article/ … ?portlet=2
You can check out the formula on my recent Hub. Hope it helps!
http://hubpages.com/hub/Individual-Inco … ndamentals
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