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Version du 31 octobre 2024 à 05:14
Many small individuals start with a sole proprietorship to avoid the costs of forming a corporation or LLC. This is a wise decision as statistics show that most small businesses generate losses for the first several years.
Remember, an individual exemption of $3650 isn't 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 allows under the marginal tax rate of 25%. Therefore the money it can save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For or else you spouse, that will be multiplied by two a person save $1825.
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