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Filing an income tax return is an activity that rolls around once a year so keeping up with requirements and guidelines is key together with a successful season. Whether you're just getting started or in the centre of the process here are 10 things you should know about taxation.

Remember, an individual 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 causes you to be under the marginal tax rate of 25%. The actual money you'll save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For or else you spouse, which will be multiplied by two in which means you save $1825.

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Someone making $80,000 each and every year is really not making a lot of your money. The fed's 'take' is considerably now. Taxes originally started at 1% for extremely rich. And these days the government is seeking to tax you more.

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