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Taxpayers can get tax back by claiming as many tax deductions, exceptions and other perks as possible on their tax returns.
What is Needed
Before you start figuring out how much you can get back in your taxes, you need to put together your W-2 or 108 forms, receipts for the entire tax year and your personal information. You might also want to get a copy of tax filing software such as TurboTax or enlist the services of a professional accountant.
Step 1 - Calculate Your Taxable Income
Before you can claim any tax deductions, you must understand how much taxable income you have. This is particularly important to freelancers and independent contractors, whose overall income may be drawn from a many different sources.
Step 2 - Check for Deductions
Deductions can be broken down into two groups - standard deductions, which are based on your filing status and itemized deductions, which are based your specific expenses. You will need to deduct whichever one winds up greater.
The standard deductions include:
Tax exemptions allow you to forgo paying some, if not all, of your taxes. Your ability to qualify for tax exemptions hinges on the number of factors, which include you age and location, the type and location of your properties and whether or not you performed any kind of public service.
What is Needed
Before you start figuring out how much you can get back in your taxes, you need to put together your W-2 or 108 forms, receipts for the entire tax year and your personal information. You might also want to get a copy of tax filing software such as TurboTax or enlist the services of a professional accountant.
Step 1 - Calculate Your Taxable Income
Before you can claim any tax deductions, you must understand how much taxable income you have. This is particularly important to freelancers and independent contractors, whose overall income may be drawn from a many different sources.
Step 2 - Check for Deductions
Deductions can be broken down into two groups - standard deductions, which are based on your filing status and itemized deductions, which are based your specific expenses. You will need to deduct whichever one winds up greater.
The standard deductions include:
- $5,450 for single taxpayers or married filing separately
- $8,000 for heads of households
- $10,900 for married couples that file jointly
- business-related expanses
- charitable donations
- educational expenses
- casualty, disaster and theft loses
- other miscellaneous deductions
Tax exemptions allow you to forgo paying some, if not all, of your taxes. Your ability to qualify for tax exemptions hinges on the number of factors, which include you age and location, the type and location of your properties and whether or not you performed any kind of public service.
