Difference between revisions of "What Could Be The Irs Voluntary Disclosure Amnesty"

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Revision as of 16:16, 22 January 2025

Despite brand new tax rate reductions for this Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees can be a whopping 46.3%. Why? Because Social Security benefits are subject to income taxation. Those affected are Social Security recipients who check out good fortune (misfortune?) turn out to be subject to both the 25% income tax bracket along with the 85% inclusion rate for Social Security benefits.

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If you add a C-Corporation with a business structure you can decrease your taxable income and therefore be qualified for some of those deductions in which your current income as well high. Remember, a C-Corporation is their own individual tax payer.

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Defenders for the IRS position would say it returns to Section 61. The waitress provided a service for me, and I paid hard. Compensation for services is taxable. End of deal.

Someone making $80,000 per year is not really making a great deal of of money. The fed's 'take' is plenty of now. Taxes originally started at 1% for extremely rich. And today the government is about to tax you more.

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