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Latest revision as of 04:00, 7 August 2026

Many small small business owners start with a sole proprietorship evade the costs of forming a corporation or LLC. This is a wise decision as statistics show that most small businesses lose cash for the first several years.

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

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