Difference between revisions of "Don t Panic If Tax Department Raids You"

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Latest revision as of 16:09, 29 July 2025


The IRS has set many tax deductions and benefits in their place for tax payers. Unfortunately, some taxpayers who earn a high level of income can see these benefits phased out as their income ascends.

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Congress finally acted on New Year's Day, passing the "fiscal cliff" the law. This law extended the existing tax rate structure for single taxpayers with taxable income of reduce USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For individuals with higher incomes, the top tax rate was increased to 22.6% These limits are determined before a foreign earned income difference.

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