A History Of Taxes - Part 1: Difference between revisions
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Revision as of 20:23, 20 May 2026
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Now we calculate if you have any income tax due. Assuming for the moment that a single income exists, we calculate taxable income getting the benefit from the business ($20,000) and subtract common 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 was $1,099 + $3,060 for their total of $4,159.
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Late Returns - If you filed your tax returns late, can you still purge the tax owed? Yes, but only after two years have passed since you filed the return but now IRS. This requirement often is where people meet problems when trying to discharge their fiscal.
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