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RENTAL INCOME & EXPENSES2018This worksheet is for your convenience to record your income & expenses. If you own more than one rental property, we will need the same information for each property.
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01
Gather all the necessary documents such as W-2 forms, 1099 forms, and any other income records.
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Determine your filing status - whether you are single, married filing jointly, married filing separately, or head of household.
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Calculate your taxable income by subtracting any deductions and exemptions from your total income.
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Determine if you qualify for any tax credits or deductions and apply for them.
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Fill out the appropriate tax forms, such as Form 1040, and include all necessary information and calculations.
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Taxes are levies imposed by the government on individuals and businesses in order to fund public services and projects.
Individuals and businesses who have earned income or made profits are required to file taxes.
Taxes can be filled out manually using forms provided by the government or electronically through tax preparation software.
The purpose of taxes is to generate revenue for the government to fund public services such as education, healthcare, and infrastructure.
Income, expenses, deductions, and credits must be reported on taxes.
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