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Revision as of 07:47, 22 September 2024

Every year, the internal revenue service issues a listing of tax scams. The goal is to alert taxpayers to lacking merit of certain strategies as well as letting everyone know the IRS will not accept them.

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

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