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Revision as of 06:40, 10 September 2026


The IRS has set many tax deductions and benefits in place for taxpayers. Unfortunately, some taxpayers who bring home a great deal of income can see these benefits phased out as their income increases. Contributing a deductible $1,000 will lower the taxable income with the $30,000 each and every year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For your $100,000 every year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!

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