Tax Planning - Why Doing It Now Is Very Important
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Published date: 01/31/2025
- Location: Ne66 5lf, Embleton, New York, United Kingdom
Filing an income tax return is a task that rolls around once a year so keeping lets start on requirements and guidelines is key together with a successful season. Regardless if you are just getting started or in the heart of the process below are 10 things that you should know about taxation.
Remember, an individual exemption of $3650 is not 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 gives you under the marginal tax rate of 25%. So the money you can lay aside on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you to your spouse, which is multiplied by two so you save $1825.
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