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In this tough economy, it is not uncommon for people to hold multiple jobs. Holding multiple jobs means have various sources of income. Unfortunately, each source of income must be reported to the IRS. Do not forget to figure out which tax bracket you fall into by using the 1040 tax tables. You need to figure out whether your tax bracket income level has changed over the past few years. This will mean that you are taxed at a different rate. Knowing this is essential, because it may actually allow you to pay a decreased amount of taxes this year.

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