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INCOME TAX BASICS FOR ESTATE PLANNERS Melissa J. Willis DAVIS & WILLIS, LLC 3555 Timmons Lane, Suite 1250 Houston, Texas 77027 (281) 786-4500 Melissa daviswillms.com AMERICAN BAR ASSOCIATION SKILLS
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How to fill out income tax basics for:

01
Gather all necessary documents such as W-2 forms, 1099 forms, and any other relevant tax documents.
02
Determine your filing status, whether it's single, married filing jointly, married filing separately, or head of household.
03
Calculate your total income by adding up all sources of income from your documents.
04
Determine if you are eligible for any deductions or credits, such as the standard deduction or child tax credit.
05
Fill out the appropriate tax forms, such as Form 1040 or Form 1040EZ, including your personal information and income details.
06
Double-check all calculations and ensure you have included all necessary information.
07
Sign and date your tax return before mailing it to the appropriate tax agency or filing it electronically.
08
Keep a copy of your tax return for your records.

Who needs income tax basics for:

01
Individuals who earn income from various sources, such as employment, self-employment, rental properties, or investments.
02
Small business owners or self-employed individuals who need to report their income and expenses.
03
Anyone who wants to ensure they are accurately reporting their income and taking advantage of any deductions or credits they are eligible for.
04
Students or young adults who may have part-time employment and need to file their own taxes for the first time.
05
Individuals who have experienced major life events such as marriage, divorce, or having a child, which may affect their tax situation.
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Anyone who wants to understand the basics of income taxes in order to make informed financial decisions and plan for the future.
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Income tax basics are used to calculate how much tax an individual or business owes based on their income.
Individuals and businesses who meet the income threshold set by the government are required to file income tax basics.
Income tax basics can be filled out online or through paper forms provided by the tax authorities.
The purpose of income tax basics is to fund government programs and services by collecting money from individuals and businesses based on their income.
Income tax basics typically require reporting of income sources, deductions, credits, and personal information.
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