Dealing With Tax Problems: Easy As Pie: Difference between revisions

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Latest revision as of 16:49, 9 August 2025


The old adage is crime doesn't pay, only one certainly can wonder sometimes about the truth of it given the amount of of politicians that find a way to be elang367 criminals! Regardless, the fact you are making money from against the law doesn't mean you shouldn't have to pay taxes. Correct. The IRS wants its unfair share of one's ill gotten gains!

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Contributing an insurance deductible $1,000 will lower the taxable income among the $30,000 per year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For your $100,000 each person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!

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For his 'payroll' tax as an employee he pays 7.65% of his $80,000 which is $6,120. His employer, though, must funds same many.65% - another $6,120. So involving the employee with his employer, the fed gets 15.3% of his $80,000 which comes to $12,240. Keep in mind that an employee costs a company his income plus 7.65% more.

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People hate paying duty. Tax avoidance strategies are entirely legal and may be made good use of. Tax evasion, however, isn't. Make sure you know where the fine lines are.

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