Offshore Business - Pay Low Tax

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Don't think you can file by April twelve? No problem. Get an 6 additional months by completing Form 4868 Automatic Extension of time to File for. That makes his final adjusted gross income $57,058 ($39,000 plus $18,058). After he takes his 2006 standard deduction of $6,400 ($5,150 $1,250 for age 65 or over) and a personal exemption of $3,300, his taxable income is $47,358.