Can I Wipe Out Tax Debt In Liquidation: Difference between revisions

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Revision as of 18:16, 21 September 2024

The IRS has set many tax deductions and benefits secured for citizens. Unfortunately, some taxpayers who bring home a top level of income can see these benefits phased out as their income ascends.

Remember, a personal exemption of $3650 is not deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This causes you to be under the marginal tax rate of 25%. Therefore the money it will save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For the spouse, that'll be multiplied by two an individual save $1825.

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