I am having trouble figuring how much my income taxes will be from year to year. I am retired but work on a contract basis part time. They do not take taxes out. I get social security and I draw from a taxable IRA account. The taxable IRA account takes out 10% with each withdrawal.
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I know figuring possible income tax from year to year can be a daunting task. There are many moving parts to the tax code and the tax amount depends on so many factors. I will try to go over a few here for you:
There are some tools out there to help you estimate your taxable income and tax due based on your filing status, income amounts, types of income, and deductions. Here are a few:
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