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Revision as of 01:21, 16 October 2024

The IRS has set many tax deductions and benefits into position for tax payers. Unfortunately, some taxpayers who bring home a advanced level of income can see these benefits phased out as their income increases.

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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 allows under the marginal tax rate of 25%. The actual money you save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For appreciate spouse, which is multiplied by two which save $1825.

There a lot of businesses and individuals out there doing whatever can to stop paying the HVUT. Some people lie about the weight of a vehicle or even register car as exempt when every person anything but exempt.

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