What are things most ppl discount on taxes?
not including W2'sAnswers: Well, you don't deduct a W2, so that would not be included within the list. Your W2 shows your profits.
You deduct mortgage insurance, donations to your church or a charity, state taxes that you remunerated, business expenses if you run a business, etc.
If you don't have a house or a business, you will most plausible come out ahead by NOT itemizing deductions and taking the standard presumption. You can't take the standard conjecture AND itemize. It's one or the other.
How does an ira effect tax returns?
Answers: An IRA is money you put into savings with "before tax" dollars usually. That means you have less income tax liability for the year.
Also, you get some tax credits for investing in an IRA account, and that saves you more when you complete your return (unless you are in an extremely high income category).
I just did my taxes. Have you done yours yet?
Answers: Yes, mine is in the mail. I'm not getting a big refund, but something is better than nothing.
still waiting on my w-2 from my other 7 jobs from '07