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Latest revision as of 14:35, 8 January 2025

Filing an tax return is an activity that rolls around once a year so keeping plan requirements and guidelines is key together with a successful season. Regardless if you are just getting started or in the center of the process below are 10 things you must know about income taxes.

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 causes you to be under the marginal tax rate of 25%. Therefore the money you can lay aside on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For every one in a spouse, that are multiplied by two in which means you save $1825.

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