How to Do Taxes on Your Own

Why Do I Have to File a Return?

You have to file a tax return because you’re probably a taxpayer. The IRS considers taxable income as all income from whatever source derived, including gains realized, unless otherwise excluded.

How to File a Tax Return on Your Own

To prepare your taxes on your own, you’ll need to assemble the correct paperwork. That includes all of those forms that have been coming in from various sources

How Income Tax Brackets Work

When you begin tallying your income earned for the year, you will eventually end up with your “gross” income from all sources. This includes your wages, tips, self-employment income, investment income, real estate income, and more.

How to Calculate Your Taxes

If you work as an employee, your employer will send you a Form W-2 in the mail and possibly electronically. This documents all the details related to your pay, deductions, and other elections made during the tax year. If you’re self-employed, you should expect to receive 1099-NECs from any company that paid you $600 or more during the tax year.

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