Tuesday, December 15, 2009

How can I figure out my tax?

I want to know how to figure out the income tax, property tax (for land, buildings, cars, water vehicles, and aircraft). I don't need exact, I just need a general idea of what to base calculations on to get fairly close. Any answers appreciated. No crap!How can I figure out my tax?
Use a copy of the 2008 tax forms and instructions.


The personal property and Real Estate taxes are on the receipt you got when you paid the taxes to the county.


You income tax is based on your federal adjusted gross income.


The federal income tax return has to be done first since the state return is based on the federal return to calculate state taxes.


There are tax tables in the instruction books that list the taxes for each income and filing status.


Usually,it is the medical deductions that keep most people from itemizing because you can only deduct anything over 7.5% of your federal adjusted gross income.


Property and real estate taxes are limited to what you actually paid in that year.


Itemized deductions have to exceed your personal deduction or you may pay more in taxes if the itemized deductions are less.





The IRS allows you to choose between itemizing or a standard tax form.


Because some state do not have an income tax,filers can claim sales taxes on their federal return.those that pay income and sales taxes can choose either 1,but not both.


To claim sales taxes,you have to keep a record of every penny paid or use the taxtable bracket for you income.

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