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Latest revision as of 11:44, 8 January 2025

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(iv) All unaccounted income should be declared. If such a disclosure is fashioned before its detection along with Income Tax Department, odds of being trapped from a tax raid are lessened.

Contributing a deductible $1,000 will lower the taxable income from the $30,000 each person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $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 the amount of!

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