Читать книгу Small Business Taxes For Dummies - Eric Tyson - Страница 37

The only way to determine the total amount of income taxes you pay is to get out your federal and state tax returns. On each of those returns is a line that shows the total tax. Add the totals from your federal and state tax returns, and you probably have one very large expense!

Your taxable income is different from the total amount of money you earn during the tax year from employment and investments. Taxable income is defined as the amount of income on which you actually pay income taxes. You don’t pay taxes on your total income for the following two reasons:

 Not all income is taxable. For example, you pay federal income tax on the interest that you earn on a bank savings account but not on the interest from municipal bonds (loans that you, as a bond buyer, make to state and local governments).

 You get to subtract deductions from your income. Some deductions are available just for being a living, breathing human being. And, the Tax Cuts and Jobs Act greatly increased the standard deductions. For tax year 2021, single people receive an automatic $12,550 standard deduction, heads of household qualify for $18,800, and married couples filing jointly get $25,100. (People older than 65 and those who are blind get slightly higher deductions.) Other expenses, such as mortgage interest and property taxes, are deductible to the extent that your total itemized deductions exceed the standard deductions.