i need to know the process in which tax returns are calculated in the US..
Also i'm in need of the formulae involved in the process...
if there r certain rules to be followed i would like to know them too..
Any references to website or direct answers will be helpful....
2006-12-20 22:17:57 · 4 answers · asked by lostinluv_88 1 in Business & Finance ➔ Taxes ➔ United States
You probably want to seek the advice of something like H&R Block to assist you in preparation.
The IRS wesbite is a good place to start also
2006-12-21 01:37:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I only checked your profile and you're a lawyer. i wish which you have some tax professionals at your corporation. listed under are some elementary observations out of your question. i'm guessing which you would be situation to AMT. if it is the case, any answer could be skewed. only because you obtain married won't inevitably decrease your tax criminal duty. unquestionably, being an single couple with babies and possessing your person house is a greater valuable concern while it includes taxes. in case you do not have faith me, run the numbers your self once you prepare your tax return. in case you're that worried, make an expected charge by January 15, 2008. The worst concern which will take place is which you will get the money returned once you report your taxes. you do no longer provide adequate information in case you had adequate withheld based on your complete deductions. because you claimed 5 exemptions on your W-4, you're pointing out which you had a minimum of $17,000 in deductions. this does not contain any deductions that your husband had. study IRS e book 15 for added information. you could no longer get a credit for any ultimate expenses which you paid. whether, the valuables taxes which you paid once you closed on the domicile, from the date of ultimate by the tip of the 300 and sixty 5 days, could be taken as an itemized deduction on your tax return. The charitable contributions will decrease your tax criminal duty as long as you itemize. in case you have something which you will provide (issues, no longer money) will greater decrease your tax criminal duty. i'm pointing out issues because of the fact i'm assuming which you're only involved in decreasing your tax criminal duty without decreasing you cash circulate. in case you could desire to generate profits contributions, pass forward. submitting joint would be valuable except you have specific expertise to report a separate tax return. in case you report separate, then you definately will lose any obtainable tax credit like the baby Tax credit. in case you and/or your husband each and each had your person residences earlier you got your domicile, then you definately've loan activity for you to use as a tax deduction. Sine you closed on your domicile in October, i'm guessing that your first loan charge became due December a million. that may not help you plenty at tax time for this 3 hundred and sixty 5 days. i wish this facilitates.
2016-12-18 17:04:38 · answer #2 · answered by dunnuck 4 · 0⤊ 0⤋
its not a simple formula or calculation. some income is taxed at different tax rates than others, for example capital gains.
the main federal form is 1040. go to www.irs.gov and search for the instructions for this form. it will help you understand.
2006-12-20 22:32:15 · answer #3 · answered by tma 6 · 1⤊ 0⤋
There is no formula for tax calculation.
www.irs.gov and www.hrblock.com both has good Question/Answer pages to help you estimate your tax.
Best wishes.
2006-12-23 05:31:32 · answer #4 · answered by JQT 6 · 0⤊ 0⤋