Help? IRS Tax Tables 2013 for 1040 form

Proper use of the IRS tax tables…

 
With the complexity of the tax code in the United States it is no wonder that many tax filers get confused on the proper use of the IRS tax tables, and that interaction with the federal IRS 1040 tax form. With the next tax season approaching, more and more people will begin wondering and worrying about properly filing their federal income taxes. This primarily comes into play when a person is moving through the frustrating process of trying to fill out a federal 1040 tax form, and all of the applicable attachments. Obviously the IRS tax tables will become an integral part of the process in determining what the final 1040 tax burden is for the person trying to file his or her federal income taxes. Figuring out what income figure to apply against the IRS Tax Tables for 2013 can sometimes take a person, with tax knowledge, that thoroughly understands the federal tax laws within the USA. This could be an accountant or someone who has received the proper training to fill out and advise on 1040 income tax form preparation. Any person that does not have a good understanding of filing tax forms, primarily the 1040 federal form and all of its applicable attachments, could be in for a rough time in trying to make sure all of the tax forms are filed properly and the proper taxable income is correctly applied against the IRS 2013 tax tables. If you are unsure of this complicated process you may be better served to hire a qualified person to file your federal taxes for you. The 1040 tax form starts out with many types of gross adjusted income. Virtually all types of gross income are taxable under the US federal tax code. The IRS tax group wants to collect as much as possible therefore most types of income are subject to taxation. The most common type of gross income is wages that are paid for a service or job that is being performed. These wages will become part of the calculation to determine taxes from the IRS tax tables, but there are items that must be subtracted from the gross income before that taxable income can be used with the IRS 2013 tax tables. There are many other types of income including, non-payroll, dividend, interest, business, and on and on. The main point to remember is there are expenses, deductions, and exemptions that must be applied against the income before using the 2013 IRS tax tables.

 
Here are the current IRS 2013 Tax Tables that will be used for filing federal tax form 1040…

 

Help, 1040 tax tables IRS 2013

 

This link will take you to the IRS page for the above image... Form 1040; Tax Tables 2013

 

What about deductions to income…
 
The most common deduction is the standard deduction that all tax payers normally get. As your 1040 federal tax form is being populated this deduction follows the gross adjusted income collection part of the income tax form. The standard deduction is set by the tax code, and does increase some each taxation year, depending on the taxation code. This deduction is set by the law, and it does become important for the final IRS tax tables 2013 calculations. Each tax filer needs is to determine whether to use the standard deduction or itemize their deductions. If you are fortunate enough to itemize your deductions then you will reduce, even more than standard deduction, your taxable income which will in turn reduce your tax burden for IRS tax tables 2013. This will reduce what you owe in federal taxes to the IRS. So how can you tell if it is an advantage to itemize your deductions? One big indicator is whether or not you have a primary home mortgage. The interest on your primary home mortgage can be deducted when your deductions are itemized. Normally the home mortgage interest is the biggest line item when itemizing deductions. This is normally needed for the itemized deduction to be greater than the standard deduction, which would reduce the IRS tax tables 2013 final tax burden calculation and help you pay less in federal income tax to the IRS. Along with mortgage interest you can also deduct property taxes for your main house that is your primary residence. Property taxes are a big expense in some states and this will help you a lot when deductions are itemized. You can also itemize your state, city, and local taxes paid. This 1040 form attachment, for itemized deductions, also includes any charitable contributions that were made during the tax year, and this may affect the IRS tax tables result. After filling out the itemized deduction attachment if this is greater than the standard deduction then you get to replace the standard deduction with itemized deductions, which will benefit you greatly when using the IRS tax tables for 2013. All tax payers should explore whether it is better to use the standard deduction or replace that with itemized deductions. The key is you need enough qualified itemized deductions in order to use that attachment and have it benefit you.
 

Final Thoughts, tax with holdings and the W4…
 
How do you insure that the proper amount of federal taxes is withheld from your pay check? There are a number of ways to accomplish this. A word of caution to anyone adjusting their federal IRS withholding, and this is to make sure you do not under withhold. If you do not have enough taxes withheld you may end up paying interest and a penalties depending on how short you are compared to the final 1040 tax bill. This is all determined by the tax code. There are calculations to determine penalties, but the easiest way to avoid the penalties is to have enough taxes withheld during the year, and thus insuring that you’re withholding is close to your IRS tax table 2013 final results. The W4 form itself has the proper calculations for this, which will insure the proper number of allowances on your pay stub. Those allowances will determine the amount of tax withheld each time you are paid. The IRS wants to be paid equally through the year for your tax burden. You are probably better off having a little more withheld than needed. This way you will not fall short when it comes time to calculate and file your federal income taxes, and the tax burden based on IRS tax tables in 2013 will be correct. This will also insure your federal 1040 form is correct and hopefully keep the tax auditors away. If you end up receiving a refund be sure and file electronically and use your bank account and routing information. You will receive the refund much quicker this way. Always keep in mind that the Tax Tables are calculated on your adjusted gross income less deductions, and exemptions. In other words it’s your taxable income that must be used when calculating your tax burden. Good luck with your federal tax filings.