A Status Taxes - Part 1: Difference between revisions

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Revision as of 08:02, 22 October 2024

The IRS has set many tax deductions and benefits in place for tax payers. Unfortunately, some taxpayers who are earning a higher level of income can see these benefits phased out as their income climbs.

Structured Entity Tax Credit - The government is attacking an inventive scheme involving state conservation tax snack bars. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually used up and a K-1 is disseminated to the partners who then consider the credits on his or her personal return. The IRS is arguing that there's really no legitimate business purpose for that partnership, so that the strategy fraudulent.

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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% tax bracket and accelerating some of the changes passed in the 2001 EGTRRA.

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