How To Handle With Tax Preparation: Difference between revisions

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Revision as of 09:36, 31 January 2025

A financial situation as set up where you would copies of your federal tax return it's of the most importance you get the information as soon as you can.

Remember, an individual exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This forces you to under the marginal tax rate of 25%. So the money it can save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and the spouse, which is multiplied by two so you save $1825.

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