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Revision as of 03:52, 18 August 2026


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

A personal exemption reduces your taxable income so you find yourself paying lower taxes. You could be even luckier if the exemption brings you a few lower tax bracket. For the year 2010 it is $3650 per person, comparable to last year's amount. Around 2008, the amount of was $3,500. It is indexed yearly for rising cost of living.

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