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Revision as of 06:48, 2 September 2026

Many small individuals start with a sole proprietorship avoid the costs of forming a corporation or LLC. This is usually a wise decision as statistics show that a majority of small businesses lose cash for the first several years.

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Congress finally acted on New Year's Day, passing the "fiscal cliff" the law. This law extended the existing tax rate structure for single taxpayers with taxable income of lower USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For those with higher incomes, the top tax rate was increased to 22.6% These limits are determined ahead of foreign earned income exemption.

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