Individual OR PERSONAL Income Tax

Individual income tax is also referred to as personal income tax and is levied on wages, salaries, and other types of income. This tax is usually a tax the state imposes. Because of exemptions, deductions, and credits, most individuals do not pay taxes on all of their income. The IRS offers a series of deductions (e.g. deductions for health care, investments and education expenses) which taxpayers use to reduce their taxable income. For example, if a taxpayer earns $100,000 in income and qualifies for $20,000 in deductions, the taxable income reduces to $80,000 ($100,000 – $20,000). Tax credits are used to reduce the taxpayer’s tax obligation or amount owed. To illustrate, if an individual owes $20,000 in taxes but qualifies for $4,500 in credits, his tax obligation reduces to $15,500 ($20,000 – $4,500).

 

1040EZ 1040A 1040
  • 1040EZ – Short Form
  • W2 Form
  • 540 CA
  • Electronic Filing
  • 1040A Form – Short Form
  • W2 Form
  • 540 CA
  • Electronic Filing
  • 1040 Form – Long Form
  • W2 Form
  • Schedule A
  • Schedule E
  • 540 CA and Other States
  • Electronic Filing
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