How Does Tax Relief Work
Ask ten people a person can discharge tax debts in bankruptcy and you will get ten different replies to. The correct answer is that you can, but only if certain tests are met up. 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 you'll save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%).
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