Wages | Salaries
Wages, salaries and other compensation are reported as taxable income on Line 7 of you Form 1040 income tax return. Wages and salaries are reported to you from Box 1 of your Form W-2 form from your employer. If you …
Year: 2011
Medical Expenses
Medical Expenses are the costs of prevention, diagnosis, and treatment of disease. They include payments for legal medical services by physicians, surgeons, dentists, and other medical practitioners. In addition, remember necessary costs of equipment, supplies, and diagnostic devices. You must be able …
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Home Mortgage Interest
Home Mortgage Interest may be deducted on Schedule A Form 1040 if you itemize deductions instead of taking the standard deduction for your filing status. Taxpayers should deduct their home mortgage interest, ordinary points, and after 2006 even home mortgage …
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Miscellaneous Itemized Deductions
Miscellaneous itemized deductions are expenses shown near the bottom of Form 1040 Schedule A. Certain other expenses can be deducted as itemized deductions. To deduct miscellaneous expenses, the expenses must be incurred for one of the following: To produce or collect income …
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Tax Rates
Tax Rates Tax rates represents your federal income tax brackets related to your level of income. Each taxpayer should refer to the tax rate schedule and your filing status to determine your tax bracket. When PE problem can be treated with herbal …
Rental Income and Expenses
Rental income and expenses is reported on Form 1040 Schedule E. If you rent out a home, condo, townhouse, or any other type of rental property also known as rental real estate, then you must report the rental income received and …
Itemized Deductions
Itemized deductions are included on Form 1040 Schedule A of your federal income tax return and reduce your taxable income. Itemized deductions include: Medical and dental expenses Real estate taxes Home mortage interest Charitable contributions and donations Casualty or theft losses Today …
Personal Exemptions
Personal Exemption The personal exemption for 2010 is $3,650 and for 2011 the personal exemption is 3,700. Each individual is allowed to claim one personal exemption for yourself and one for each dependent. If someone else is entitled to claim …
Filing Requirements
Filing requirements and who must file an income tax return depends upon gross income, filing status, and age. Always check with your accountant for filing requirements regarding your state income tax return. Gross Income This filing requirements table is an overview …
Filing Status
Filing status determines: Whether you are required to file an income tax return Which standard deduction to claim on your tax return The tax rates and brackets that apply to your taxable income Normal erectile function can be affected by normal …