Difference between revisions of "Annual Taxes - Humor In The Drudgery"

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Revision as of 15:39, 7 January 2025

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone is actually in a high tax bracket to a person who is from a lower tax clump. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't possess other taxable income. Normally, the other person is either your spouse or common-law spouse, but it can also be your children. Whenever it is possible to transfer income to a person in a lower tax bracket, it should be done. If major xnxx between tax rates is 20% your family will save $200 for every $1,000 transferred towards the "lower rate" family member.

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