Why Totally Be Personal Tax Preparer: Difference between revisions

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Revision as of 08:49, 25 February 2025

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During an audit, it's really not advisable before you try to represent on your own own. The IRS is a well meaning agency, and just wants as a way for all tax payers meet their obligations because it would be unfair for those who try very best to pay their taxes if you have got away without paying yours. However, the auditing process itself can be pretty formidable to the alleged tax evader. If you're proven guilty, you the asked to pay for up to 100% in the taxes you've failed to in if you pay. That's a huge sum which can drive a person bankruptcy.

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Now we calculate if there is any income tax due. Assuming for the moment that not income exists, we calculate taxable income using the make money from 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 extra revenue tax due for chore would be $1,099. So, the total tax bill for this taxpayer should be $1,099 + $3,060 to your total of $4,159.

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