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Revision as of 04:47, 11 November 2024

Ask ten people content articles can discharge tax debts in bankruptcy and you get ten different replies to. The correct answer may be you can, but only if certain tests are adjoined.

Now we calculate if you have any income tax due. Assuming for immediately after that a single income exists, we calculate taxable income getting the take advantage of the business ($20,000) and subtract the basic model 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 cash tax due for this person would be $1,099. So, the total tax bill for this taxpayer were $1,099 + $3,060 for a total of $4,159.

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