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If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your income tax bill is destined to be approximately 3,000 dollars.

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There can be a fine line between tax evasion and tax avoidance. Tax avoidance is legal while tax evasion is criminal. If you would like to pursue advanced tax planning, certain you you achieve this task with the advice of a tax professional that is certainly to defend the strategy for the Irs . gov.

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