Understanding Tax Returns

What is the purpose of a tax return?

How does gross income differ from net income?

Why is the Adjusted Gross Income (AGI) important?

What is the difference between standard deductions and itemized deductions?

Define taxable income.

How do tax brackets work?

What benefit do tax credits provide?

What information does a W-2 form provide?

When would you use a 1099 form instead of a W-2?

Who can be claimed as a dependent on a tax return?