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Latest revision as of 12:39, 29 July 2026

Every year, the irs issues a list of tax scams. The goal is to alert taxpayers to the possible lack of merit of certain strategies as well as letting everyone know the IRS will not accept them.

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Contributing an insurance deductible $1,000 will lower the taxable income from the $30,000 1 year person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For your $100,000 1 year 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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