Paying Taxes Can Tax The Better Of Us: Difference between revisions

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Revision as of 05:24, 11 September 2026

Note: The writer is actually a CPA or tax qualified. This article is for general information purposes, and needs to not be construed as tax advice. Readers are strongly inspired to consult their tax professional regarding their personal tax situation. Contributing a deductible $1,000 will lower the taxable income for the $30,000 per year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $100,000 yearly person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the amount of!

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