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How do I calculate my taxes?
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The first step to calculating your taxes is to gather all your income information for the year. Make sure to include all income sources, including wages, investments, and self-employment earnings. 2 Next, consult your local tax authority to determine which deductions may be available to you. Depending on your income and expenses, you may be able to claim deductions such as education costs, medical expenses, and charitable contributions. 3 After gathering all your information, you should use a tax calculator or software to estimate your total tax liability.You can also consult a professional accountant or tax lawyer, who can help you maximize your deductions and tax credits. 4 Finally, when filing your taxes, make sure to double-check all the information you provided, and make sure to include all the applicable forms.