By FinanceBuddy Staff Writer
It can be difficult to understand the whole tax process, and if you know that you will be doing a lot of deductions or dealing with assorted issues like interested earned, school funds or tax exemptions, it would be wise to consult a tax expert or program about filing. If you just want to figure out a general estimate of your taxes, download the 1040EZ form online. This form works if you are under 65, single or married, make less than $100,000 a year, and claiming no other dependents. In order to fill out this form, you will need you W-2 for 2008. Fill in line one with your total earnings for the year. Line two is your taxable interest. This is on certain bank accounts or money market dividends, nothing to worry about if you just have basic checking and savings accounts. Answer line number three, then add lines one, two, and three. This is your adjusted gross income. Once you have figured this out enter $8,590 if single or $17,900 if married and filing jointly in line five. For line six, subtract line five from line four. This is your taxable income. For line seven, refer to your W-2 to determine your federal income tax withheld for the year. Answer numbers eight and nine, then for line 10 add line seven, eight and nine to determine your total payments. For line 11, find the tax booklet online and find the code that matches with your taxable income. Subtract line 11 from line 10. This is your refund, but only if line 11 is larger than line 10. If not, subtract line 10 from line 11, and this is what you owe. Filing out the 1040EZ form for reference can give you a general idea of your tax return, if any. Keep in mind, for actual tax purposes you may have to fill out the longer version, and you refund may vary based on other factors, but this should help for now.