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Latest revision as of 02:13, 11 November 2024

Ask ten people if you can discharge tax debts in bankruptcy and you will get ten different causes. The correct answer may be you can, but only if certain tests are met up.

Contributing a deductible $1,000 will lower the taxable income of your $30,000 every person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 every year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the amount!

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