i work in banking but our fompany is very swmall, and am fed up with paying a high percentage of my bonus to the tax man, has anyone any ideas about
2006-07-08 23:49:24 · 5 answers · asked by godfather 2 in Business & Finance ➔ Investing
you can only do that if it is cash in hand.m this is not reccommended. but it is better than letting the ******* tax amn get his hands on hardworking peoples money.
2006-07-08 23:54:16 · answer #1 · answered by jame_football 5 · 0⤊ 0⤋
The only legal way for you is to set up a holding company, then invest your bonus into that company as equity, and then use those money to invest into bonds, stock etc. That way, your bonus stay tax free unless you decide to redeem your investments and cash out. By that time, your investment should have grown quite nice and you will be thankful that you have the ABILITY to pay tax. Moreover, capital tax are taxed at lower rate.
2006-07-09 04:46:14 · answer #2 · answered by Vincent K 2 · 0⤊ 0⤋
My best suggestion is to go to payroll, fill out a new w 4 form with a very high # of dependants prior to the schedule payment (2 weeks in advance should do) then readjust thereafter to your normal # of dependants.
2006-07-09 00:03:44 · answer #3 · answered by David H 1 · 0⤊ 0⤋
If your earning it, you should pay tax on it.
2006-07-15 23:24:56 · answer #4 · answered by A G 4 · 0⤊ 0⤋
pay your taxes and be glad you have the income
2006-07-08 23:54:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋