10 Reasons Why Hiring Tax Service Is Important: Difference between revisions

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We hear a lot about income taxes, but a majority of people am not aware of just exactly how much income-related taxes they're getting to pay. We're taxed by both our federal government and our state. Ever since federal government takes the lion's share, I'll look closely at its free stuff.

Contributing an insurance deductible $1,000 will lower the taxable income for the $30,000 each year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $100,000 every 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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