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What is taxable income
Weegy: Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. [ Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. ] (More)
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Expert Answered
Updated 12/6/2010 9:51:03 PM
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The amount of income that is used to calculate an individual’s or a company’s income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments that are allowable in that tax year.
Taxable income is also generated from appreciated assets that have been sold or capitalized during the year and from dividends and interest income. Income from these sources is generally taxed at a different rate and calculated separately by the tax entity.
Added 12/6/2010 9:51:03 PM
What advantages you have with preparing your taxes yourself
Weegy: You can manipulate your earnings, thus, affecting the tax you will pay. (More)
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Updated 12/10/2010 4:08:48 PM
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The main advantage of preparing your own tax return is saving money -- that is, not having to pay someone else to do it. (Although, a tax professional may outweigh their fee by finding deductions that you might not have known about, and therefore saving you money in taxes.)
Added 12/10/2010 4:08:48 PM
Why is it important that a tax payer prepare your tax refund
Weegy: A tax refund or tax rebate is a refund on taxes when the tax liability is less than the taxes paid. [ Taxpayers can often get a tax refund on their income tax if the tax they owe is less than the sum of the total amount of the withholding taxes and estimated taxes that they paid, plus the refundable tax credits that they claim.(Tax refunds are money given back at the end of the financial year.) ] (More)
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Updated 12/10/2010 5:01:55 PM
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I THINK this question is supposed to be more like, "Why is it important for a professional to prepare your tax return?" If so, then...

It's fine to prepare your own return if you can figure out how to do it correctly and your taxes are fairly simple. But a professional can often find deductions that we aren't aware and even sometimes save us more money in taxes then their fees. Also, using a professional (ie. a CPA) lessens your chances of being audited.
Added 12/10/2010 5:01:56 PM
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