3 Elements Taxes For Online Businesspeople: Difference between revisions

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Revision as of 10:35, 22 October 2024

Note: Mcdougal is just not a CPA or tax quality. This article is for general information purposes, and might not be construed as tax good advice. Readers are strongly asked to consult their tax professional regarding their personal tax situation.

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

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