Difference between revisions of "Dealing With Tax Problems: Easy As Pie"

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Revision as of 19:44, 10 November 2024

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The auditor going through your books doesn't necessarily want find out a problem, but he's to look for a problem. It's his job, and he has to justify it, and also the time he takes to find a deal.

Now we calculate if you have any taxes due. Assuming for at the time that not one other income exists, we calculate taxable income using the make the most of the business ($20,000) and subtract although 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 duty would be $1,099. So, the total tax bill for this taxpayer could well be $1,099 + $3,060 to find a total of $4,159.

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