How Does Tax Relief Work: Difference between revisions

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Revision as of 10:07, 23 October 2024

Every year, the irs issues a report on tax scams. The goal is to alert taxpayers to how little merit of certain strategies as well as letting everyone know the IRS will not accept them.

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 forces you to under the marginal tax rate of 25%. The actual money you can lay aside on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For every one in a spouse, which are multiplied by two an individual save $1825.

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