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Latest revision as of 05:28, 11 November 2024

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Despite the new tax rate reductions among the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is often a whopping 46.3%. Why? Because Social Security benefits are subject to income income tax. Those affected are Social Security recipients who purchase the good fortune (misfortune?) turn out to be subject to both the 25% income tax bracket and the 85% inclusion rate for Social Security benefits.

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

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Regarding egg donors and sperm donors there was an IRS PLR, private letter ruling, saying no matter how deductible for mothers and fathers as a medical transfer pricing charge. Since infertility is a medical condition, helping along getting pregnant could be construed as medical interest.

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Identity Theft/Phishing. This isn't so much a tax reduction scam as a nightmare wherein identity thieves try to obtain information from taxpayers by acting as IRS brokers. Often they send out email as though they are from the Interest rates. The IRS never sends emails to taxpayers, so don't respond to people emails. If you're not sure, call the IRS and exactly how if there could problem. Purchase reach the internal revenue service at 800-829-1040.

Copyright 2010 by RioneX IP Group LLC. All rights ordered. This material may be freely copied and distributed subject to inclusion of this copyright notice, author information and all the hyperlinks are kept unchanged.

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