![]() ![]() Most people take the standard deduction, which is available to all taxpayers. ![]() (If you’re self-employed, your taxable income is all the money you’ve received for doing that thing you do.) You also owe income taxes on certain other income, such as interest from bank accounts, which is reported on Form 1099-INT, as well as dividends and capital gains, which are also reported on Form 1099. What are deductions?ĭeductions are expenses that you’re allowed to deduct from your gross income, which is what you’ll find in box 1 of your W-2 form. ![]() Taxable income is what you’ve earned minus deductions and credits. You may notice we’re talking about taxable income above.
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