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This is Your Guide to Taxes
Don't get scared of doing your taxes!
Types of Taxes
Frequently Asked Questions on Taxes
List of Tax Forms at the IRS
Tax Software
Tax Deductions and Exemptions
Types of Taxes
- Income Tax
Proportional to the amount of salary you earn. Typically deducted from one's income in most countries. - Retirement Tax
Usually for social security systems, which in turn fund retired workers. - Capital Gains Tax
Applied to the profit of a good being sold. - Corporation Tax
For all earnings of a corporation, including capital gains. - Poll Tax
Also known as Per Capita Tax or Capitation Tax. - Excise Tax
Based on the quantity of the product that is being purchased. Includes Sales Tax. - Tariff
Applied to goods that cross a political boundary. - Value Added Tax
Used to compensate for failure in collecting Excise Tax. - Property Tax
For properties such as real estate. Includes stamp duty and Inheritance Tax. - Wealth Tax
Based on a person's net worth. - Personal Property Tax
Applied to property residing in a certain are, e.g. boats, artworks, etc.
Frequently Asked Questions on Taxes
Tax questions? They might be in here.
When Do I File?
April 15, or the nearest business day if it falls on a weekend.
What's My Filing Status?
You can file as married (jointly or separately) or single, resident alien or non-resident alien, and exempt or non-exempt.
What Information or Documents Do I Need?
Social security, visa, and passport numbers, as well as TINs, will be mentioned in the forms.
What Should I Calculate?
Your income, possible deductions (either standard or itemized), and credits and additional taxes.
What Forms Should I Use?
Try starting with "the long form" (Form 1040). You'll soon find out if Form 1040A ("the short form") or Form 1040EZ will suit you better. For non-resident aliens, you'll need Form 1040NR or Form 1040NR-EZ. Also check your Form W-2 and Form 1099-R as they must both be attached to your Form 1040, regardless of the variation.
Where Do I File?
The IRS website lists more information here and here. If you wish to try out electronic filing, check out page.
Extensions
Use Form 4868 for an automatic 6-month extension. Remember that you must still send this form before the tax filing date. Plus, this does not mean you've obtained an extension on tax payments: unpaid or late payments bear penalties and interest.
For more information, read
Topic 301: When, Where, and How to File.
Tax Forms
- Form 1040EZ:
U.S. Individual Income Tax Return for Single and Joint Filers with No Dependents
[Instructions] [PDF] - Form 1040A:
US Individual Tax Return (Also known as "the short form")
[Instructions] [PDF] - Form 1040:
US Individual Tax Return (Also known as "the long form")
[Instructions] [PDF] - Form 1040NR:
U.S. Nonresident Alien Income Tax Return
[PDF] - Form 1040NR-EZ:
U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents
[PDF] - Form 1040X:
Amended U.S. Individual Income Tax Return
[PDF] - Form W-2:
Wage and Tax Statement
[Instructions] [PDF] - Form W-3:
Transmittal of Wage and Tax Statements
[PDF] - Form 1045:
Application for Tentative Refund
[PDF] - Form 1099:
Various forms that report types of income different from wages, salaries, and tips (because those are reported in Form W-2). - Form 1099-R:
Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. - Form 2848:
Power of Attorney and Declaration of Representative
[PDF] - Form 8843:
Statement for Exempt Individuals and Individuals with a Medical Condition
[PDF] - Form 4868:
Application For Automatic Extension of Time To File U.S. Individual Tax Return
[PDF]
Who Does Your Taxes?
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Tax Software
Some helpful software for your tax preparation! For more, read up on Tax Preparation Software Basics
- TurboTax
- E-file your income taxes for a faster income tax refund. Get extra income tax deductions this year and prepare your income tax returns with TurboTax tax software.
- TaxACT
- FREE tax software from TaxACT allows you to do your taxes online, offering free IRS E-file. File taxes online with TaxACT tax software.
- TaxCut
- With TaxCut from H&R Block, you can prepare your tax return, file taxes online, and get your tax refund quickly by using TaxCut software.
- CompleteTax.com
- Federal And State Tax Preparation at CompleteTax.com. Specializing in Income Tax Preparation, Online Tax Services, Professional Tax Services, and Tax Filing Services
- TaxSlayer
- TaxSlayer.com provides online tax preparation software for online filing of your income tax return.
- Microsoft Money
- All your finances, all in one place.
Tax Deductions and Exemptions
Save money with tax exemptions and deductions!
Tax Exemptions
Common criteria used for tax exemption include the taxpayer's age, the taxpayer's income level, the amount of public service the person has rendered, and the types of homeowner's property. Non-profit organizations can also become tax exempt based on similar criteria.
Read more about Tax Exemptions »
Tax Deductions
One can choose between standard and itemized deductions. The first is a flat rate deducted from your taxable income based on your filing status.
Sometimes one pays lower taxes with itemized deductions, which is determined by expenses like mortgage, health care, and chartitable contributions.
Read more about Tax Deductions »
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- ank ank May 26, 2007 @ 8:44 am
- Hi L.L. , Great lens. I also created my lens on how to do tax free business. To View the lens click here recently. 5 stars to yours.
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- mountainpine1 mountainpine1 Oct 21, 2006 @ 12:59 pm
- I have a question that I haven't seen before:
I have a home office and have used it for tax purposes in the past. This year, I spent three months at my summer home. While there, I still continued doing my business by computer. How do I handle this for taxes?
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