Government Tax Deed Sales: Difference between revisions

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Revision as of 11:22, 31 January 2025

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone can be in a high tax bracket to someone who is in a lower tax group. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't get other taxable income. Normally, the other body's 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 primary between tax rates is 20% the family will save $200 for every $1,000 transferred towards the "lower rate" family member.

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If you add a C-Corporation as part of your business structure you can help to eliminate your taxable income and therefore be qualified for some deductions that your current income as well high. Remember, a C-Corporation is particular individual taxpayer.

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People hate paying overtax. Tax avoidance strategies are entirely legal and can be taken advantage of. Tax evasion, however, is not. Make sure you know where the fine line is.

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