Dealing With Tax Problems: Easy As Pie: Difference between revisions
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Revision as of 22:06, 23 February 2025
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone who is in a high tax bracket to someone who is within a lower tax clump. It may even be possible to reduce the tax on the transferred income to zero if this person, doesn't possess 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 easy to transfer income to someone 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 to the "lower rate" relation.
If you add a C-Corporation to your business structure you can aid in reducing your taxable income and therefore be qualified for a few of these deductions for which your current income is too high. Remember, a C-Corporation is its own individual tax payer.
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