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Latest revision as of 02:10, 11 November 2024

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Contributing a deductible $1,000 will lower the taxable income among the $30,000 per year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 per year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the!

Structured Entity Tax Credit - The irs is attacking an inventive scheme involving state conservation tax 'tokens'. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually burned up and a K-1 is issued to the partners who then go ahead and take credits on their personal recurrence. The IRS is arguing that you cannot find any legitimate business purpose for your partnership, can make the strategy fraudulent.

Now, I am hardly suggesting you go out and choose a life in offense. Tax issues would definitely be minor whenever compared with spending time in jail. Frankly, it will never be worth it, but it is at least somewhat and also humorous observe how the government uses tax laws to try after illegal conduct.

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