How Does Tax Relief Work: Difference between revisions

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Revision as of 00:10, 5 February 2025

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The auditor going by your books doesn't always want to discover a problem, but he has to look for a problem. It's his job, and he has to justify it, and the time he takes to do it.

Now we calculate if you have any income tax due. Assuming for the second that not any other income exists, we calculate taxable income getting the profit from the business ($20,000) and subtract the actual 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 earnings tax due for lotto would be $1,099. So, the total tax bill for this taxpayer was $1,099 + $3,060 with regard to total of $4,159.

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