How to Do Taxes on Your Own

If you earn a steady income or even an inconsistent one, you’re likely paying taxes or on the hook for them.

We created this step-by-step guide for the typical person who wants to learn how to prepare their taxes at home without all of the stress that comes with doing it themselves.

The IRS considers taxable income as all income from whatever source derived, including gains realized, unless otherwise excluded.

Why Do I Have to File a Return?

To prepare your taxes on your own, you’ll need to assemble the correct paperwork.

How to File a Tax Return on Your Own

When you begin tallying your income earned for the year, you will eventually end up with your “gross” income from all sources.

How Income Tax Brackets Work

If you work as an employee, your employer will send you a Form W-2 in the mail and possibly electronically.

How to Calculate Your Taxes

You have two levers to lower your taxable income: tax deductions and tax credits.

How to Reduce Your Taxable Income

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