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Note: Mcdougal is yet it will help CPA or tax technician. This article is for general information purposes, and needs to not be construed as tax advice. Readers are strongly encouraged to consult their tax professional regarding their personal tax situation.

If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your earnings tax bill is destined to be approximately 3300 dollars.

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While I can't tell you the specific impact that SBA debt forgiveness will have on you, the idea of my article will be just to name that loan forgiveness does potentially have tax consequences that a borrower look and feel into to help you can improve most informed decision possible.

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