History For The Federal Tax: Difference between revisions

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Revision as of 15:45, 2 October 2024

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If the $100,000 a whole year person didn't contribute, he'd end up $720 more in his pocket. But, having contributed, he's got $1,000 more in his IRA and $280 - rather than $720 - in his pocket. So he's got $560 ($280+$1000 less $720) more to his name. Wow!

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Well, some taxpayers around might not view concern kindly, thinking I am biased because I am probably asking from a tax practitioner point of view but now aim to try and change the of saying.

People hate paying income tax. Tax avoidance strategies are entirely legal and must be made good use of. Tax evasion, however, is not. Make sure you know where the fine lines are.

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