Taxes
Everyone who earns income is required to file an income tax return. Even if you owe no taxes, you must file a return. Failure to do so will result in fines and penalties. When you get your paycheck, an estimate of the taxes you owe has already been taken out. Your tax return calculates the exact amount you owe. If not enough has been deducted from your paycheck, you pay the remainder of what you owe when you file your return. If you have had too much deducted from your paycheck, the IRS will refund the difference.
The IRS offers every taxpayer a standard deduction that reduces the amount of taxable income. You have a choice to either take this standard deduction or itemize your own deductions. Deductions include the interest paid on mortgages, ...
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