freetaxcourse.org
Free Tax Course-Standard Versus Itemized Deductions
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Chapter 6: Standard Deduction Versus Itemized Deductions. Where to claim standard deduction or itemized deductions? If you have the choice, you should choose the method that gives you larger tax deductions, lowering your taxable income the most so you will owe the IRS the least amount of money. Standard Deduction Worksheet for Dependents. Medical and Dental Expenses. Other Tax Deductible Medical Expenses. Non Deductible Taxes and Fees. Taxes You Can Deduct. Home Mortgage Interest Tax Deductions.
freetaxcourse.org
Free Tax Course-Free Tax Course
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Below are different chapters of the free tax course. More free tax courses will be added to go into each tax topic in more detail. Chapter 1: Tax Filing Information. Chapter 2: Tax Filing Status. Chapter 3: Exemptions and Dependents. Chapter 4: Wages, Salaries, Tips, etc. Chapter 5: Interest, Dividends and other Income. Chapter 6: Standard Deductions and Itemized Deductions. Chapter 7: Your Income Tax and Withheld Taxes. Chapter 8: Tax Credits. Chapter 9: Retirement Benefits ( Employer Retirement Plans.
tax-resources.org
Tax Resources-Tax Deductible Items
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Tax deductible items fall into two broad categories. The first category of tax deductible items are those expenses that are fully tax deductible. In the year which they are incurred. The second type of tax deductible items are those expenses that are depreciated. Or tax deductible over a fixed period of time. Below are some tax deductible items or list of things that are tax deductible. See www.irs-deductions.org. For more List of Tax Deductibles. When listing tax deductible items on your federal or busi...
tax-resources.org
Tax Resources-What are Deductible Taxes
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What are deductible taxes? Do not confuse yourself with tax deductible items and deductible taxes. Deductible taxes are taxes you paid that you can deduct, whereas tax deductible items can be any expenses you paid that are exempt from taxation. Tax deductible items are not necessarily taxes paid. Not all items are tax deductible but the more tax deductible items you have on your tax return, the less tax you owe the IRS. Below are information on deductible taxes and nondeductible taxes. Other taxes e....
freetaxcourse.org
Free Tax Course-IRS Publications
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There are many IRS Publications. IRS publications help taxpayers understand what he or she can or cannot do when filing tax returns, claiming tax credits, deductions and exemptions. The IRS publications are accompanied by tax forms and tax form instructions. Your Federal Income Tax. Tax Withholding and Estimated Tax. Examination of Rights, Appeal Rights, and Claims for Refund. Optional Sales Tax Tables. How do I adjuste my Tax Withholding? Tax Rules for Children and Dependents. How to Depreciate Property.
freetaxcourse.org
Free Tax Course-Other Taxes
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Chapter 17: Other Taxes. This chapter of the free tax course deals with other taxes not yet covered. After you have finished calculating your tax from taxable income and have subtracted your total credits from the first section of page 2 of form 1040. You next have to add in various other taxes to arrive at your total tax. The other taxes that need to be considered are:. Self employment tax (line 58). Alternative Minimum Tax (line 45). Advanced earned income credit payments from Form W-2 (line 61), and.
freetaxcourse.org
Free Tax Course-Depreciation
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In this Chapter 12 of free tax course, we discuss depreciation. In order to discuss depreciation, we first define different types of properties including real properties. Definition of property and Real property. Is something that you legally posses or own. Refers to land and improvements on the land such as buildings. Is something you own other than land. What Can and Cannot be Depreciated. Modified Accelerated Cost Recovery System (MACRS). Property Classes and Recovery Periods. Free Tax Course (home).
freetaxcourse.org
Free Tax Course-Tax Filing Status
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Chapter 2: Tax Filing Status. In this chapter of Free Tax Course, you will learn about tax filing status. There are five tax filing status allowed on a tax return. They are:. Tax filing status 1: Single. Tax filing status 2: Married filing joint. Tax filing status 3: Married filing separate. Tax filing status 4: Head of Household. Tax filing status 5: Qualifying Widow(er) with dependent Child. What is Tax Filing Status? Different Tax Filing Statuses. Married Filing Jointly Filing Status.
freetaxcourse.org
Free Tax Course-Interest Dividends and Other Income
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Chapter 5: Interest, Dividends and Other Income. In the Chapter 5 of Free Tax Course, you will learn about interest income, dividend income and other income. In Chapter 4. Of Free Tax Course, you learned about earned income such as wages, salaries and tips, in this chapter, you will learn about unearned income and other income. Tax on Interest of US Savings Bonds. Tax on Ordinary Dividends. Tax on Alimony Received. Summary of Interest, Dividends, Other Income. Looking for more IRS Deductions.
freetaxcourse.org
Free Tax Course-Wages Salaries Tips
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Chapter 4: Wages, Salaries, Tips, etc. Chapter 4 of the Free Tax Course deals with wages, salaries, tips, etc. These wages are often reported on W-2 tax form or form 1099-MISC for miscellaneous income. In this chapter of Free Tax Course, you will learn about different types of income such as taxable income, earned income, unearned income and nontaxable income. Definition of wages and salaries. Other taxable employee benefits. Tips are income received from customers. Tips include:. Free Tax Course (home).