Akron Income Tax Co.
An Expert Guide by
Add up all sources of income, including wages, investments, and side jobs, using forms like W-2s and 1099s.
Choose between the standard deduction or itemized deductions to lower your taxable income.
Subtract your deductions from total income to find your taxable income.
Use your taxable income to determine your tax rate based on the IRS tax brackets.
Apply any eligible tax credits, such as the child tax credit, to directly reduce the tax owed.
Subtract any taxes already withheld from your paychecks throughout the year.
If your tax liability is greater than your withholding, you’ll owe; if less, you’ll get a refund.
Tax software can do the calculations automatically, ensuring accuracy and saving time.