One of many things I’ve learned from my colleague Kelly Phillips Erb, aka Taxgirl, is that reading about taxes can be fun, even if paying them isn’t. Before tackling the first weekend task in our 30 day money challenge check out the articles linked below. They’ll help you get your head in the tax game and make actually filing much easier.
So, how much tax am I actually going to have to pay? Numerous factors impact exactly how much tax you owe the government in a given year. To calculate a rough estimate check out this helpful roundup of 2015 tax brackets, these are the numbers you will use in 2016 to file on 2015 income. (Ex. If your taxable income last year was between $37,451 and $90,750 you will owe $5,156.25 plus 25% of the amount above $31,450.) Remember that, if you are an employee, taxes were withheld from your paychecks, so you won’t need to come up with $5K+ on the spot. There is even a good chance you’ll get a refund.
That sounds expensive, how can I lower my bill?
Tell me more about this student loan deduction.
And the 401(k)?
I’ve never gotten so much mail in my life, what’s the deal with all these forms?
Ok, I have my forms, how do I file?
You mentioned a refund?
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Posted by Arnaldo Rodgers on 6:51 am, With 0 Reads, Filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.