How Does Tax Relief Work: Difference between revisions

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Revision as of 12:15, 25 February 2025

Many small individuals start with a sole proprietorship evade the costs of forming a corporation or LLC. This is usually a wise decision as statistics show that many small businesses lose money for the first several years.

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Remember, an individual exemption of $3650 is not deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This gives you under the marginal tax rate of 25%. The actual money you'll save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you to your spouse, which will be multiplied by two in which means you save $1825.

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