Why Must I File Past Years Taxes Online: Difference between revisions

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Revision as of 00:22, 15 October 2024

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Now we calculate when there is any income tax due. Assuming for the second that no income exists, we calculate taxable income using the benefit from the business ($20,000) and subtract regular deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra earnings tax due for lotto would be $1,099. So, the total tax bill for this taxpayer was $1,099 + $3,060 to put together a total of $4,159.

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Muni bonds should be owned inside your taxable brokerage accounts, and not in your IRA or 401K accounts because income in those accounts is definitely tax-deferred.

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