John R. Bullis

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June 10, 2013
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John R. Bullis: Income tax returns usually aren’t completely accurate

Every income tax return is meant to be a reasonable settlement. It is not perfect or completely accurate in every respect for most returns. The income tax tables (for taxable incomes up to $100,000) are built in $50 increments. The income tax on $40,001 is the same as on $40,049. If the form 1040 has itemized deductions, the deduction for sales tax is based on a table that uses the income (including non-taxed income like part of the Social Security benefits) and the number of people in the household (as shown on the return). Of course, you can keep every …

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The Nevada Appeal Updated Jun 10, 2013 08:04PM Published Jun 10, 2013 02:31PM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.