Difference between revisions of "A Reputation Taxes - Part 1"

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Revision as of 12:24, 30 October 2024

Ask ten people a person's can discharge tax debts in bankruptcy and you get ten different responds. The correct answer will be the you can, but in the event that certain tests are met.

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%. Therefore the money it will save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For everyone spouse, which is multiplied by two and save $1825.

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