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Revision as of 17:47, 17 September 2024
The old adage is crime doesn't pay, only one certainly can wonder sometimes about the truth of it given how many of politicians that find a way to be xnxx criminals! Regardless, the fact you are making money from a criminal offence doesn't mean you don't have to pay taxes. Correct. The IRS wants its unfair share of one's ill gotten gains!
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Because for the increasing tax rate of higher brackets, a reduction of taxable income with higher bracket saves you more tax than very same reduction through a lower area. So let's compare the tax saving of contributing $1000 by an individual with a $30,000 income with exactly what a single person with a $100,000.
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