Why You Simply Be Personal Tax Preparer: Difference between revisions
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Latest revision as of 14:03, 5 March 2025
There is much confusion about what constitutes foreign earned income with respect to the residency location, the location where the work or service is performed, and the source of the salary or fee payment. Foreign residency or extended periods abroad of your tax payer is a qualification to avoid double taxation.
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During wonderful Depression and World War II, tips income tax rate rose again, reaching 91% throughout the war; this top rate remained in place until 1964.
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Contributing an insurance deductible $1,000 will lower the taxable income with the $30,000 1 year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For your $100,000 a year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost twice as much!
In our software company there are two approaches to build wealth and a lot more places through intellectual property and maintenance commitments. These two things used together will build a good that could be sold for 2-4X revenue. Now to foster that investment with leverage, I personally use them the "Infinite Banking Concept" to lend money for the business through "my own bank." The money firm pays me comes back as investment income this means lower taxation. The new revenue extra maintenance contracts bring foster new deals. The next step is actually by use "good debt" to leverage our coverage and get more maintenance contract revenue with our software basis.
This offers us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us a complete taxable income of $76,952.
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