Find Your Filing Status
Your filing status is crucial as it determines your standard deduction amount and tax rates. Compare the benefits of each status below to find the one that suits you best.
Standard Deduction Comparison by Filing Status (2023)
Check Dependent Eligibility
Claiming a dependent can qualify you for significant tax benefits, like the Child Tax Credit. Use the checklists below to see if you can claim someone as a dependent.
Qualifying Child - CARES Test
All 5 of the following tests must be met.
Core Tax Concepts
U.S. individual income tax is calculated based on the flow below. Understanding each component helps in effective tax planning.
Taxable Income Calculation Flow
Gross Income
All income from all sources (wages, interest, dividends, etc.)
Adjustments
Specific deductions like student loan interest, IRA contributions, etc.
Adjusted Gross Income (AGI)
A key figure used to determine eligibility for various tax benefits.
Deductions
The greater of the Standard Deduction or Itemized Deductions.
Taxable Income
The final income amount that your tax rate is applied to.
