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Revision as of 23:13, 11 May 2026
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S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone is actually 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 have other taxable income. Normally, the other person is either your spouse or common-law spouse, but it could even be your children. Whenever it is easy to transfer income to a person in a lower tax bracket, it must be done. If primary between tax rates is 20% then your family will save $200 for every $1,000 transferred to your "lower rate" relation.
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No Fraud - Your tax debt cannot be related to fraud, to wit, usually owe back taxes when you failed spend them, not because you played funny on your tax return.
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The employer probably pays the waitress a little wage, that allowed under many minimum wage laws because my wife a job that typically generates tips. The IRS might therefore argue that my tip is paid "for" the employer. But I am under no compulsion to leave the waitress anything. The employer, alternatively hand, is obliged to pay the services his workers render. Glad don't think the exception under Section 102 employs. If the tip is taxable income to the waitress, merely under the principle of Section 61.
Late Returns - Anyone filed your tax returns late, can you still deal with the taxes owed? Yes, but only after two years have passed since you filed the return utilizing IRS. This requirement often is where people discovered problems when trying to discharge their liabilities.
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