Paying Taxes Can Tax The Best Of Us: Difference between revisions
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Revision as of 00:27, 11 November 2024
Many small business proprietors start with a sole proprietorship keep clear of the costs of forming a corporation or LLC. This may be a wise decision as statistics show that many small businesses throw money away for the first several years.
Contributing a deductible $1,000 will lower the taxable income for this $30,000 per year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 every year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!
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The great part could be the county is to get their tax money to provide us with roads, fire and police departments, etc. Whether they use domestic or foreign investor dollars, we all win!