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Revision as of 19:17, 21 September 2024
Right with the get-go -- this is my land. I know the legalities and practicalities of the offshore world better than all but, maybe, 500 experts across the world. If rather than know amongst these people (and none of them is with a internet working to sell you something) then please listen to me with both ears.
Contributing a deductible $1,000 will lower the taxable income among the $30,000 each year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 every year 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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Determine the price that you pay with a taxable portion of the bond income. Use last year's tax rate, unless your income has changed substantially. In that case, you must estimate what your rate will exist. Suppose that anticipate to take the 25% rate, and also are calculating the rate for a Treasury my. Since Treasury bonds are exempt from local and state taxes, your taxable income rate on these bonds is 25%.
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