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Revision as of 18:28, 7 October 2026
Many small business proprietors start with a sole proprietorship to the costs of forming a corporation or LLC. This is usually a wise decision as statistics show that most small businesses lose cash for the first several years. A personal exemption reduces your taxable income so you find yourself paying lower taxes. You most likely are even luckier if the exemption brings you together with lower income tax bracket. For the year 2010 it is $3650 per person, same in principle as last year's amount.
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