Difference between revisions of "Tax Rates Reflect Well Being"

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Latest revision as of 05:36, 1 November 2024

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The IRS has set many tax deductions and benefits secured for citizens. Unfortunately, some taxpayers who are earning a top level of income can see these benefits phased out as their income ascends.

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Structured Entity Tax Credit - The internal revenue service is attacking an inventive scheme involving state conservation tax credit cards. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually dried-up and a K-1 is disseminated to the partners who then go ahead and take credits about the personal pay back. The IRS is arguing that there's no legitimate business purpose for the partnership, rendering it the strategy fraudulent.

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