Calculate - Your Income Tax

: If you are 65+, you can claim an additional "bonus" deduction of up to $6,000 (single) or $12,000 (joint) depending on your income. Common Itemized Deductions

Calculating your income tax involves a multi-step process that transforms your total earnings into a final amount owed or a refund. For the 2026 tax year, recent legislation like the One, Big, Beautiful Bill (OBBB) has permanently set tax rates while adjusting brackets and deductions for inflation. 🏗️ Step 1: Calculate Your Gross Income calculate your income tax

: Payments to a Traditional IRA or 401(k). : If you are 65+, you can claim

: Wages, salaries, tips, and bonuses from your job. : If you are 65+