Tax Deductions

1
Standard Deduction
Tax Deductions
Itemized Deduction
standard deduction an amount of money set by the
IRS that is not taxed
itemized deduction a specific expense that can be
deducted from the adjusted gross income
2
Common Tax Deductions
Medical andDental Expenses
Taxes
Interest
Contributions
3
The Federal Income Tax Return
Preparing an Income Tax Return
Three Basic Forms
Form 1040EZ
Form 1040A
Form 1040
4
Completing the Federal Income Tax Return
Document Checklist

• Tax Forms and Instruction Booklets
• Copies of Your Tax Returns
• Your W-2 Form
• Interest and Dividend Forms
• Receipts for deductible expenses

5
Completing the Federal Income Tax Return
Preparing an Income Tax Return
Two Ways for You to File Electronically
Use your personal computer and tax software
Use an authorized e-file provider
6
Tax Assistance
Tax Assistance and Strategies
Sources of Tax Assistance
IRSWeb Site
Books
Software
Professionals