1. Filing Taxes Taxes Due- April 15th

2. W-2 Form

3. Tax Basics Tax year: January 1 st through December 31 st Required to file taxes every working year. Determines if you owe extra tax or if you paid too much tax throughout year resulting in a refund. Can file taxes: – 1. E-file (irs.gov) – 2. Tax Software (TurboTax) – 3. Paper and mail-in.

4. Gross Income vs. Taxable Income Taxable Income- the amount of your income that is subject to tax Your income minus any allowable tax deductions Example Gross Income – 50,000 Standard Deduction- 6,200 Student Loan Interest- 800 Taxable Income= 43,000

5. Tax Forms 1040EZ – May or may not be claimed as a dependent – Do not have dependents – Do not itemize deductions 1040A – More income adjustments (deductions – Do not itemize deductions 1040 – Itemize Deductions

6. Standard vs. Itemized Deduction All taxpayers have at least some income that is not taxed. Standard deduction is a flat rate(simple) that can be claimed on taxes (2014 Single: $6,200) Itemized deductions are a way to increase your tax refund by listing all eligible deductions (more complex, should use if more than standard deduction) Schedule A Form – Charitable gifts, mortgage interest, property tax, etc.

7. Federal Tax Tables, Forms, Instructions Tax Tables 1040EZ Instructions 1040EZ 1040A Instructions 1040A 1040 Instructions 1040 www.irs.gov

8. State and Local Taxes We have ONLY covered Federal Taxes! Also, file taxes for state income. Possibly local school district and municipality tax.