Difference between revisions of "Smart Income Tax Saving Tips"
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Latest revision as of 23:22, 22 September 2024
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1) Have you renting? Do you realize your monthly rent is to be able to benefit an individual and not you? Sure you acquire a roof over your head, but there you have it! If you can, you will need really any house. If you are renting, your rent is not deductible, but mortgage interest and property taxes are perhaps.
Remember, a personal 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 allows under the marginal tax rate of 25%. So the money it can save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you and the spouse, that will be multiplied by two as well as save $1825.
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