Learn About How Precisely A Tax Attorney Works: Difference between revisions
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Latest revision as of 23:28, 21 September 2024
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone who is in a high tax bracket to a person who is from a lower tax bracket. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't have any 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 someone in a lower tax bracket, it must be done. If major difference between tax rates is 20% the family will save $200 for every $1,000 transferred into the "lower rate" partner.
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B) Interest earned, although not paid, during a bond year, must be accrued at the end of the bond year and reported as taxable income for your calendar year in which your bond year ends.
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