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Revision as of 19:01, 28 July 2026


Many small small business owners start with a sole proprietorship to avoid the costs of forming a corporation or LLC. This is usually a wise decision as statistics show that most small businesses lose money for the first several years.

Contributing an insurance deductible $1,000 will lower the taxable income belonging to the $30,000 each 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 twice as much!

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