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Revision as of 17:57, 16 August 2026


Many small business proprietors start with a sole proprietorship to avoid the costs of forming a corporation or LLC. It is a wise decision as statistics show that many small businesses lose money for the first several years.

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Because from the increasing tax rate of upper brackets, a reduction of taxable income at about a higher bracket saves you more tax than exact reduction in a lower clump. So let's compare the tax saving of contributing $1000 by a single person with a $30,000 income with that of a single person with a $100,000.

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Defenders within the IRS position would say it returns to Section 61. The waitress provided a service for me, and I paid regarding it. Compensation for services is taxable. End of adventure.

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