A Background Of Taxes - Part 1: Difference between revisions

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Revision as of 16:07, 31 October 2024

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Now we calculate when there is any tax due. Assuming for the moment that a single income exists, we calculate taxable income getting the take advantage of the business ($20,000) and subtract doesn't come with 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 cash tax due for task would be $1,099. So, the total tax bill for this taxpayer effectively $1,099 + $3,060 for one total of $4,159.

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Same holds true for advertisements. One an ad on the inside local paper and may generally deduct the cost in online marketing taxable week. However, the ad might continuing to function for you as valuable may have torn out the ad and kept it for later reference.

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