Personal Tax Strategy - Personal Tax Strategy By Marsha...

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Personal Tax Strategy By Marsha Elhaija Feb 13, 2011 Fis 210 Mr. Peter Jones
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There are many different calculations to get taxable income. But the main one is to figure out what your gross income including but not limited to, wages and salaries, bonuses commissions and tips, and prizes and gambling winnings. After figuring out what your gross income is you need to figure out what your adjusted gross income is and take out any deductions you may have. Tax adjustments and deductions are calculated in many different ways. It depends on a lot of things as well, are you married, have kids, head of household, own a business? All of these things can affect how much taxes you will pay and how much is deductible. Adjustment are calculated by calculating education expenses, IRA contributions, self employment taxes, alimony, moving expenses. Other deductions could include medical and dental expenses, and charitable contributions. Taxpayers may reduce their taxes legally by maximizing deductions, income shifting, and tax
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This note was uploaded on 03/09/2011 for the course PHILOSOPHY phil 105 taught by Professor Geth during the Spring '11 term at University of Phoenix.

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Personal Tax Strategy - Personal Tax Strategy By Marsha...

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