Dealing With Tax Problems: Easy As Pie: Difference between revisions
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Latest revision as of 16:51, 8 January 2025
Despite brand new tax rate reductions belonging to the Jobs and Growth Tax Relief Reconciliation Act of 2003, the superior marginal income tax bracket for many retirees can be a whopping fouthy-six.3%. Why? Because Social Security benefits are subject to income taxation. Those affected are Social Security recipients who have enough good fortune (misfortune?) pertaining to being subject to both the 25% taxes bracket as well as the 85% inclusion rate for Social Security benefits.
If you add a C-Corporation with regard to your business structure you can cut your taxable income and therefore be qualified for one of those particular deductions which is your current income is just too high. Remember, a C-Corporation is its very own individual american.
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