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Revision as of 11:18, 12 November 2024

The IRS has set many tax deductions and benefits in place for individuals. Unfortunately, some taxpayers who bring home a great deal of income can see these benefits phased out as their income ascends.

Contributing a deductible $1,000 will lower the taxable income belonging to the $30,000 yearly person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 12 months person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!

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