Difference between revisions of "A Standing For Taxes - Part 1"
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Revision as of 00:22, 12 November 2024
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You to be able to file a tax return for that you year a couple of years before the bankruptcy. To become eligible to wipe out the debt, creosote is the have filed a tax return for the government or State debt you desire to discharge at least two years before your bankruptcy filing. Thus, even though the debt is over several years old, if you filed the return late and two yearsrrr time has not even passed, then you can cannot remove the Interest rates or State tax debt.
Now we calculate if there is any taxes due. Assuming for once that no income exists, we calculate taxable income by taking 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 earnings tax due for responsibility would be $1,099. So, the total tax bill for this taxpayer may possibly $1,099 + $3,060 to your total of $4,159.
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