Declaring Bankruptcy When You Owe Irs Taxes Owed: Difference between revisions

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Revision as of 02:36, 4 October 2024

We all realise that tax attorneys are experts tax issues, but what exactly does that mean and when should you contact one? Not every situation calls to have a lawyer and you'll find a few tax problems which you can handle on your own personal. However, when serious tax problems arise and become complicated, it's time to call a tax attorney.

Now we calculate if you have any tax due. Assuming for the moment that not one other income exists, we calculate taxable income by taking the profit from the business ($20,000) and subtract the standard 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 revenue tax due for lotto would be $1,099. So, the total tax bill for this taxpayer should be $1,099 + $3,060 to find a total of $4,159.

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