Difference between revisions of "History From The Federal Taxes"
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Revision as of 15:59, 10 November 2024
Offshore tax evasion is crime in several onshore countries and includes jail time so it always be avoided. On one other hand, offshore tax planning is Not a crime.
Remember, an individual exemption of $3650 isn't 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 you to under the marginal tax rate of 25%. Therefore the money you can lay aside on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For mom and her spouse, that can be multiplied by two a person save $1825.
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