Difference between revisions of "Dealing With Tax Problems: Easy As Pie"

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Revision as of 22:05, 7 February 2025

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone can be in a high tax bracket to someone who is from a lower tax segment. 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 individual is 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 into the "lower rate" general.

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This provides for us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us earnings taxable income of $76,952.

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