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Everyone has to pay taxes. But understanding how taxation works will empower you to make smarter personal finance decisions.
Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national. Tax revenues finance government activities, including...
If you're wondering how to file taxes online or on paper, here’s some help on how to do your taxes and how to make tax filing easier.
A tax return consists of the forms and paperwork tax filers use to report their taxable income and determine whether they owe taxes or are due money back.
Understanding how the income tax system works—and ways to minimize the amount you owe—is essential to financial planning. Learn about tax brackets, filing status, how to file taxes, and more...
See current federal tax brackets and rates based on your income and filing status. You pay tax as a percentage of your income in layers called tax brackets. As your income goes up, the tax rate on the next layer of income is higher.
In this series: How to file your taxes: step by step. Check if you need to file. Gather your documents. Get credits and deductions. File your return. Get your refund. Pay taxes on time. Be ready to file taxes next year.
Income taxes allow the government to raise money from taxpayers. Tax liability is based on income amount. Let's break down how income taxes work.
Taxes work by allowing government entities to collect payments from individuals and businesses to generate revenue. Money raised from taxes then is used to fund government operations and public service programs.
How Income Tax Works. The Internal Revenue Service (IRS) collects taxes and enforces tax laws in the United States. The IRS employs a complex set of rules and regulations regarding...