Declaring Back Taxes Owed From Foreign Funds In Offshore Banks
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Published date: 01/31/2025
- Location: P0v 2z0, Prince Edward Island, Canada
Note: The article author is yet it will help CPA or tax quality. This article is for general information purposes, and really should not be construed as tax details. Readers are strongly motivated to consult their tax professional regarding their personal tax situation.
Remember, a personal 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 will make you under the marginal tax rate of 25%. The actual money it can save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For everyone spouse, which is multiplied by two in which means you save $1825.
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