Difference between revisions of "Government Tax Deed Sales"

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Now we calculate if you have any tax due. Assuming for the moment that not one other income exists, we calculate taxable income using the cash in on the business ($20,000) and subtract the actual 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 would definitely be $1,099 + $3,060 for their total of $4,159.

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Copyright 2010 by RioneX IP Group LLC. All rights shy. This material may be freely copied and distributed subject to inclusion within this copyright notice, author information and all the hyperlinks are kept in one piece.

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