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Revision as of 00:13, 15 August 2026

Leave it to lawyers and the government to struggle to give a straight answer to this question! Unfortunately, in order to be allowed wipe out a tax debt, there are five criteria that should be satisfied.

Because from the increasing tax rate of upper brackets, a reduction of taxable income attending the higher bracket saves you more tax than aren't reduction at a lower group. So let's compare the tax saving of contributing $1000 by a single person with a $30,000 income with exactly what a single person with a $100,000.

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