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

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Revision as of 05:14, 1 November 2024

Note: The author is not a CPA or tax quality. This article is for general information purposes, and really should not be construed as tax advice. Readers are strongly motivated to consult their tax professional regarding their personal tax situation.

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Contributing an insurance deductible $1,000 will lower the taxable income with the $30,000 1 year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 every single year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!

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