Difference between revisions of "Annual Taxes - Humor In The Drudgery"

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Revision as of 17:37, 21 July 2025


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Now we calculate if you find any tax due. Assuming for the moment that no income exists, we calculate taxable income using the cash in on the business ($20,000) and subtract the basic model 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 chore would be $1,099. So, the total tax bill for this taxpayer was $1,099 + $3,060 for every total of $4,159.

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While Not able to tell you the specific impact that SBA debt forgiveness will don you, the idea of my article is very just to realize that loan forgiveness does potentially have tax consequences that a borrower search into to ensure they can cause the most informed decision conceivable.

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