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The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Tax Filing Status Options. Tax Filing Status. Who Can Use It. Single. Not married on the last day of the tax year. Legally separated according to the laws of your state on the last day for tax year
Filing taxes under the status of “married filing separately” for tax year 2020 — i.e., the return you’re filing in 2021 — is largely unchanged from the 2019 tax year. If the IRS hands ...
Filing as a head of household can have substantial financial benefits over filing as a single status taxpayer. As a head of household, one may obtain a more generous tax brackets and larger standard deductions. [14] There are many special rules and exceptions applicable to head of household filing status. [15]
The U.S. Supreme Court held that the taxpayer was allowed to deduct the legal fees from his gross income because they meet the requirements of §162(a), [9] which allows the taxpayer to deduct all the "ordinary and necessary expenses paid or incurred during the taxable year in carrying on a trade or business."
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Your filing status will determine what you owe in taxes and whether or not you have to file a return at all. Stimulus Update: November Child Tax Credit, Maine’s AGI Checks & Golden State Checks ...
If the debtor's debt is not primarily consumer debt, then the means test is inapplicable. The applicable median income figure is adjusted by family size. Generally, the larger the family, the greater the applicable median income figure and the more money the debtor must earn before a presumption of abuse arises.