The final installment of our tax filing trilogy takes you right down to the refund wire.
In our financial advice column for the centsless, Michael Fleck fields questions on how to get your money right.
Refill that drink, it’s time for part three of our tax tutorial. Two weeks ago, we laid the groundwork. Last week, we started working through the tax filing process by examining the 1040, the main tax form for individual filers. Today, we’re going to go through the second half of your 1040—deductions and credits—to figure out what you owe the government, or what the government owes you.
Remember, we’re starting with your adjusted gross income, which determines whether you qualify for certain tax credits. It’s also used outside of the world of taxation—on your FAFSA, for example, when you apply for educational financial aid. Just like last week, we’re going to go through the 1040 line-by-line so you can see what’s happening below the surface, but for a simple return, check out online tax services at TurboTax, TaxACT, or H&R Block.