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Your very small business must be profitable , very profitable if you are taking home 350,000. I was a small business owner for 40 years, and we always put back into the business , excess profits.
Actually thats what is happening now with Capital spending. Big and small business is buying big time in machinery and equipment.
Not quit sure what you are saying???
In regards to being a business owner, our thoughts are to be conservative and to not spend too much right now.
For most people, these higher rates are moot. They only apply to the highest of flyers. Fewer than 1% currently pay the 35% rate and fewer than 4% even pay 33%, says the IRS. As for the old 39.6% rate: Adjusted for inflation, you'd only pay that now on any income over $363,000 a year.
For most people, these higher rates are moot. They only apply to the highest of flyers. Fewer than 1% currently pay the 35% rate and fewer than 4% even pay 33%, says the IRS. As for the old 39.6% rate: Adjusted for inflation, you'd only pay that now on any income over $363,000 a year.
Good article, but you stopped reading too soon - you missed
Most ordinary people these days are paying a marginal rate of 15% or 25%. If we let the tax cuts expire, that might rise for many to 28%. Based on data supplied by the AICPA these ordinary folks would take a tax bump of anywhere between a few hundred and a few thousand dollars.
and
For a typical single filer with adjusted gross income of around $40,000 it might be about $400 a year.
and
For someone on $80,000, about $1,600.
and
How about married couples filing jointly? They'd get hit with higher tax rates and a lower standard deduction. (It was raised in 2001).
A couple earning $80,000 a year in adjusted gross income might pay about $2,200 extra.
and
A married couple on $160,000 a year: Maybe $5,500 extra.
and
If they have children it would be more, as the child tax credit would revert from $1,000 to $500. Ouch.
Good article, but you stopped reading too soon - you missed
Most ordinary people these days are paying a marginal rate of 15% or 25%. If we let the tax cuts expire, that might rise for many to 28%. Based on data supplied by the AICPA these ordinary folks would take a tax bump of anywhere between a few hundred and a few thousand dollars.
and
For a typical single filer with adjusted gross income of around $40,000 it might be about $400 a year.
and
For someone on $80,000, about $1,600.
and
How about married couples filing jointly? They'd get hit with higher tax rates and a lower standard deduction. (It was raised in 2001).
A couple earning $80,000 a year in adjusted gross income might pay about $2,200 extra.
and
A married couple on $160,000 a year: Maybe $5,500 extra.
and
If they have children it would be more, as the child tax credit would revert from $1,000 to $500. Ouch.
You are aware that the issue in not letting them all expire, just those for income levels about $250k.
You are aware that the issue in not letting them all expire, just those for income levels about $250k.
You are aware that Congress has not addressed that yet???
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