Top Tax Scams For 2007 As Per Irs: Difference between revisions
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Revision as of 14:35, 20 September 2024
Many small individuals start with a sole proprietorship to the costs of forming a corporation or LLC. This may be a wise decision as statistics show that many small businesses generate losses for the first several years.
Because with the increasing tax rate of higher brackets, a reduction of taxable income with higher bracket saves you more tax than exactly the same reduction through a lower segment. So let's compare the tax saving of contributing $1000 by one person with a $30,000 income with what single person with a $100,000.
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