A Excellent Taxes - Part 1: Difference between revisions

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Through the proposed DTC / GST legislations, federal government has acknowledged the demand for new revenue system however the proposed new laws apparently appear to be even complex then the present one.

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B) Interest earned, however, not paid, throughout a bond year, must be accrued after the bond year and reported as taxable income for your calendar year in that your bond year ends.

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Congress finally acted on New Year's Day, passing the "fiscal cliff" law. This law extended the existing tax rate structure for single taxpayers with taxable income of lower USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For individuals with higher incomes, the top tax rate was increased to 40.6% These limits are determined prior to the foreign earned income exclusion.

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