i`m hoping someone can help me with this question.
lets say I am making 50k a year and i decide to max my 401(k) contribution at 15%, so thats minus $7500. My taxable income would be $42500 correct?
i also have a side business, if i bring in 7500 a year from it, does that mean my current taxable income would be an even 50k or 57500 at the end of the year?
thanks for any help!