Income Taxes Explained In 100 Pages Or Less

Are you ready to learn about income taxes in a way that's easy to understand?

This book is for you if you're:

Taxes Made Simple: Income Taxes Explained in 100 Pages or Less (Financial Topics in 100 Pages or Less)

by Mike Piper

4.6 out of 5

Language	:	English
File size	:	788 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
X-Ray	:	Enabled
Word Wise	:	Enabled
Print length	:	120 pages
Lending	:	Enabled

FREE

• New to filing taxes
• Confused by the tax code
• Looking for a simple explanation of income taxes

This book will teach you everything you need to know about income taxes, including:

• What is taxable income?
• How to calculate your tax liability
• What deductions and credits you can claim
• How to file your tax return

With clear and concise language, this book will help you understand the basics of income taxes so that you can file your taxes with confidence.

Free Download your copy today!

Table of Contents

1. What is taxable income?
2. How to calculate your tax liability
3. What deductions and credits you can claim
4. How to file your tax return

What is taxable income?

Taxable income is the amount of your income that is subject to income tax. It is calculated by subtracting certain deductions and exemptions from your gross income.

Gross income is all of the income you receive from all sources, including wages, salaries, tips, bonuses, self-employment income, investment income, and pension income.

Deductions are expenses that you can subtract from your gross income to reduce your taxable income. Some common deductions include:

• The standard deduction
• Itemized deductions, such as mortgage interest, state and local taxes, and charitable contributions
• Business expenses, if you are self-employed

Exemptions are amounts that you can subtract from your taxable income to further reduce your tax liability. Each person is entitled to one personal exemption and one dependency exemption for each dependent they claim.

How to calculate your tax liability

Once you have calculated your taxable income, you can use the tax tables or tax software to calculate your tax liability. Your tax liability is the amount of tax that you owe.

The tax tables are published by the Internal Revenue Service (IRS) each year. They list the amount of tax that you owe based on your taxable income and filing status.

Tax software can help you calculate your tax liability and file your tax return. There are many different tax software programs available, so you can choose one that is right for your needs.

What deductions and credits you can claim

There are a number of different deductions and credits that you can claim on your tax return. Deductions reduce your taxable income, while credits reduce your tax liability.

Some common deductions include:

• The standard deduction
• Itemized deductions, such as mortgage interest, state and local taxes, and charitable contributions
• Business expenses, if you are self-employed

Some common credits include:

• The child tax credit
• The earned income tax credit
• The saver's credit

How to file your tax return

Once you have calculated your tax liability and claimed your deductions and credits, you can file your tax return. You can file your tax return online, by mail, or through a tax preparer.

If you file your tax return online, you can use the IRS Free File program. Free File is a partnership between the IRS and tax software companies. It allows you to file your tax return for free using tax software.

If you file your tax return by mail, you can download the tax forms from the IRS website or you can Free Download them by phone. You can also get tax forms at your local library or post office.

If you use a tax preparer, they will help you prepare and file your tax return. Tax preparers can be found online, in your local phone book, or through your bank or credit union.

Filing your taxes can be a daunting task, but it doesn't have to be. With the right help, you can file your taxes with confidence.

Free Download your copy of Income Taxes Explained In 100 Pages Or Less today!

Taxes Made Simple: Income Taxes Explained in 100 Pages or Less (Financial Topics in 100 Pages or Less)

by Mike Piper

4.6 out of 5

Language	:	English
File size	:	788 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
X-Ray	:	Enabled
Word Wise	:	Enabled
Print length	:	120 pages
Lending	:	Enabled

FREE