Difference between revisions of "Paying Taxes Can Tax The Best Of Us"

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Revision as of 08:22, 11 September 2026

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We're taxed by both our federal government and our state. Since the federal government takes the lion's share, I'll pay its tax. Remember, an individual exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This making you under the marginal tax rate of 25%. The actual money it will save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%).

For you and the spouse, that will be multiplied by two an individual save $1825. Another angle to consider: suppose your enterprise takes a loss of profits for 12 months. As a C Corp to provide a no tax on the loss, however there additionally be no flow-through to the shareholders it seems an S Corp.

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