Getting Rid Of Tax Debts In Bankruptcy: Difference between revisions

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Revision as of 06:32, 15 September 2026

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Now we calculate if there is any tax due. Assuming for the moment that a single income exists, we calculate taxable income getting the cash in on the business ($20,000) and subtract the standard 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 additional income tax due for this person would be $1,099.

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