On the Clark Howard Show this afternoon, a caller asked if going bankrupt would affect his taxes. Another caller wanted to know what effect deductions would have on his taxes. Here’s one way to start figuring things out.
At first glance, this looks like it’s only valid for 2005. But once you get into it, you have the option of choosing the 2006 tax year (that’s the tax return you’ll file April 16th, 2007).
Here’s the link so you can calculate this yourself: http://turbotax.intuit.com/tax_help/tax_calculators/estimator/index.jhtml