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Revision as of 05:56, 11 May 2026

Many small individuals start with a sole proprietorship stay away from the costs of forming a corporation or LLC. This can be a wise decision as statistics show that many small businesses generate losses for the first several years.

Contributing an insurance deductible $1,000 will lower the taxable income for this $30,000 each year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $100,000 each person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the amount!

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