Getting Gone Tax Debts In Bankruptcy: Difference between revisions

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Revision as of 15:13, 22 September 2024

The IRS has set many tax deductions and benefits instead for citizens. Unfortunately, some taxpayers who are earning a great deal of income can see these benefits phased out as their income ascends.

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Contributing a deductible $1,000 will lower the taxable income on the $30,000 each and every year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 yr person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the amount!

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