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Latest revision as of 05:17, 13 June 2026
Note: This writer is not a CPA or tax commercial. This article is for general information purposes, and should not be construed as tax details. Readers are strongly asked to consult their tax professional regarding their personal tax situation.
Contributing a deductible $1,000 will lower the taxable income with the $30,000 annually person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $100,000 per year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the!
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