Tax Rates Reflect Total Well Being: Difference between revisions
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Latest revision as of 14:26, 11 November 2024
One more week until Tax Morning ,. Have you filed yours yet? I haven't (probably should aboard that, actually), while using the I read in USA Today that roughly 47% of Americans won't even have to worry about paying federal income taxes, I start to wonder if I ought to even bother. Oh sure, there's the threat of prison time for tax evasion, but really, what is the point if half the damn country isn't going invest up and log off scot-free?
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Another angle to consider: suppose your business takes a loss for the year. As a C Corp to provide a no tax on the loss, however there can also no flow-through to the shareholders it seems an S Corp. Losing will not help your tax return at everyone. A loss from an S Corp will reduce taxable income, provided there is other taxable income to shrink. If not, then there is no income tax due.
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In addition, an American living and outside america (expat) may exclude from taxable income her / his income earned from work outside the united states. This exclusion is two parts. A variety of exclusion has limitations to USD 95,100 for that 2012 tax year, in addition, it USD 97,600 for the 2013 tax year. These amounts are determined on a daily pro rata cause of all days on which the expat qualifies for the exclusion. In addition, the expat may exclude sum of he or she acquired housing in a foreign country in more than 16% on the basic exemption. This housing exclusion is limited by jurisdiction. For 2012, the housing exclusion will be the amount paid in excess of USD 41.57 per day. For 2013, the amounts for upwards of USD 42.78 per day may be excluded.
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