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Revision as of 01:21, 15 October 2024

The old adage is crime doesn't pay, but one certainly can wonder sometimes about the truth of it given quantity of of politicians that frequently be burglars! Regardless, the fact are usually making money from a crime doesn't mean you do not to pay taxes. That's right. The IRS wants its unfair share of the ill gotten gains!

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Congress finally acted on New Year's Day, passing the "fiscal cliff" regulation. This law extended the existing tax rate structure for single taxpayers with taxable income of when compared with USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For people higher incomes, the top tax rate was increased to 40.6% These limits are determined before a foreign earned income exclusion.

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