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Get the Income Lay of the Land. The first step in tax planning is to determine all your income sources. If you’re employed by a single employer, you should get a nice W-2 form at the end of each ...
First, make sure you’re taking full advantage of the tax credits you’re eligible for. Unlike deductions, credits reduce your tax liability directly. This means you can use them to reduce your ...
The 9–9–9 Plan was a tax proposal that was a centerpiece of Herman Cain 's 2012 campaign for the Republican Party 's nomination for president of the United States. It was introduced in August 2011. The plan called for the replacement of all current taxes, such as the payroll tax, capital gains tax, and the estate tax, with a 9% personal ...
Here are seven of the best tax planning strategies to start now, according to Intuit TurboTax and CNET: 1. Take Advantage of 401 (k) Contributions. Electing for 401 (k) contributions is a smart ...
Main article: Form 1040. As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for ...
Taxation. An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.