Individual, Single, Married, Partners, filing separate, filing joint, dependents, etc.
Money was withheld from each of your paychecks to pay your taxes. Did you pay too much taxes? While you know that you have to pay taxes, you just don’t want to overpay.
What’s Impacting Your Taxes
Upfront, your withholding allowances determine the amount of money withheld from your paycheck to cover your tax bill.
The more allowances that you claim, means less money will be withheld from your paycheck. However, you do not want to have a high number of allowances that causes you to under pay your taxes; and thus have to pay taxes to the IRS.
Are you going to take the Standard deduction or Itemize your deductions? Or, do you have a side business that could help in lowering your taxes.
Are You Doing These Things?
Tracking Medical and Dental Bills
Contributing to a Roth IRA Account
Statement Regarding Mortgage Interest Paid
Statement Regarding PMI or Points Paid on Your Mortgage
Tracking Your Charitable Donations
Factoring In State and Local Taxes
Factoring in Your Side Business
Tracking Capital Gains & Losses
Tracking Rental Property Income & Expenses
Tracking Household Employment Taxes
Want to know more?