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Taxable income is the amount of income used to calculate an individual's or a company's income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions or exemptions allowed in that tax year.

The most straightforward way to calculate effective tax rate is to divide the income tax expenses by the income earned before taxes. For example, if a company earned $100,000 and paid $25,000 in taxes, the effective tax rate is equal to 25,000 / 100,000 or 0.25.

You may file Form 1040 by paper mail, by using IRS e-file, or through an approved tax preparer. Filing taxes online is generally safer, faster, and easier and you will get your tax refund much sooner if you choose the Direct Deposit option.

By law, the IRS must hold refunds claiming the Earned Income Tax Credit and/or the Additional Child Tax Credit until mid-February. You can prepare and file your federal individual income tax return using tax-preparation-and-filing software without any cost.

During the tax filing season, many libraries and post offices offer free tax forms to taxpayers. Some libraries also have copies of commonly requested publications. Many large grocery stores, copy centers and office supply stores have forms you can photocopy or print from a CD.

Actual copies of your tax returns are generally available for the current tax year and as far back as six years. The fee for each copy you order is $57. To request a copy of your tax return, complete Form 4506, available on IRS.gov. Mail your request to the IRS office listed on the form for your area.