Offshore Business - Pay Low Tax: Difference between revisions
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Revision as of 12:52, 22 September 2024
Many small small business owners start with a sole proprietorship avoid the costs of forming a corporation or LLC. This may be a wise decision as statistics show that most small businesses lose money for the first several years.
A personal exemption reduces your taxable income so you wind up paying lower taxes. You most likely are even luckier if the exemption brings you together with lower tax bracket. For the year 2010 it is $3650 per person, equal to last year's amount. Around 2008, each was $3,500. It is indexed yearly for rising prices.
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Identity Theft/Phishing. This isn't so much a tax reduction scam as a nightmare wherein identity thieves try receive information from taxpayers by acting as IRS associates. Often they send out email as though they are from the Tax. The IRS never sends emails to taxpayers, so don't respond to people emails. If you aren't sure, call the IRS and ask them if could possibly problem. Could reach the government at 800-829-1040.
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