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How To File Taxes

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by

Gibrill Sheriff

on 14 March 2013

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Transcript of How To File Taxes

Timeline 2013 2010 2011 2012 0 + - = 9 8 7 1 2 3 4 5 6 c 12 Easy Steps Credits Period 2
Financial Literacy
Ms. White

-Gibrill Sheriff
-Jackie Alfaro
-Thomas woo H&R BLOCK Tax Changes Each Year TO DO LIST - FINISH TAXES BY Monday, April 15
( The IRS Tax filing deadline 2013 ) How To File Taxes FACTS By: Jackie, Gibrill & Thomas - 75 years ago, the instructions for Form 1040 were two pages long. Today, they are 189 pages long. - The IRS spends $2.45 for every $100 that it collects in taxes. - The United States is the only nation on the planet that tries to tax citizens on
what they earn in foreign countries. - According to Forbes, the 400 highest earning Americans pay an average federal income tax rate of just 18 percent. - CONTACT H&R BLOCK TO FILE TAXES 877-880-5222 1- Determine whether you have to file a federal income tax return. If your income is low, you may not have to file. But even children have to file if they meet certain income levels or have certain types of income.

2- Find out what filing status you qualify for.

3- Determine how many personal and dependent exemptions you have.

4- Calculate your income.

5- Calculate your income adjustments. You are allowed to subtract some things from your income and lower your taxes.

6- Calculate your deductions.

7- Determine your income tax. Taxable income minus adjustments, minus deductions, and minus exemptions equals the income on which you are taxed. Tax tables or schedules will tell you how much your income tax is.

8- Determine your credits. You can get credits against your income tax for certain situations or expenses.

9- Determine your additional taxes.

10- Find out your total payments. This includes taxes withheld by your employer, estimated tax payments you made, and the earned income credit.

11- Find out the amount you have overpaid or underpaid. This will be your refund or the amount of tax you still have to pay.

12- Get the right tax forms and fill them out. Increased HI tax for high-earning workers and self-employed taxpayers. Alternative minimum tax (AMT) exemption amount permanently adjusted for inflation. Energy tax credits
for homeowners. Tax Credit for College Tuition, Now called the American
Opportunity Tax Credit. 5000 x 12 YOU ARE HERE Giving all my money to the man
By: WNYC, New York Public Radio music http://www.nerdwallet.com/blog/finance/prof/oil-companies-pay-higher-taxes-prof-ho-explains-economics-optimal-taxation/ iMAGES http://www.zanebenefits.com/blog/bid/255760/New-Health-Insurance-Reform-Related-Taxes-in-2013 http://www.rothcpa.com/archives/004284.php http://www.clickondetroit.com/lifestyle/taxes/Lessons-learned-from-celebrity-tax-troubles/-/8859324/9268306/-/3rl539/-/index.html
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