Dealing With Tax Problems: Easy As Pie: Difference between revisions
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Revision as of 13:43, 11 September 2026
Many small small business owners start with a sole proprietorship to avoid the costs of forming a corporation or LLC. This is usually a wise decision as statistics show that a majority of small businesses generate losses for the first several years. Contributing a deductible $1,000 will lower the taxable income for this $30,000 each and every year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $100,000 1 year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost twice as much!
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