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Revision as of 12:19, 21 September 2026


Note: The article author is not really CPA or tax qualified. This article is for general information purposes, and should not be construed as tax good advice. Readers are strongly encouraged to consult their tax professional regarding their personal tax situation. Contributing a deductible $1,000 will lower the taxable income belonging to the $30,000 annually person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 each and 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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