Can I Wipe Out Tax Debt In Liquidation: Difference between revisions
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Latest revision as of 06:38, 12 November 2024
Many small business owners start with a sole proprietorship stay away from the costs of forming a corporation or LLC. This is often a wise decision as statistics show that a lot of small businesses lose money for the first several years.
Contributing a deductible $1,000 will lower the taxable income on the $30,000 yearly person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For your $100,000 per 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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