What can i do to keep more of my sales comission from tax?

[rody084]

hi,

i am going to be getting sales commission on our projects at my company and I want to know what kind of tax strategy will be best for me. My employer is willing to pay that commission in whatever way I prefer...so I am wondering if anyone has any advice for me as to how I can avoid having a huge chunk of my commissions taken by taxes.

near $30k every year is getting taken out of my paychecks...im fine contributing for worthy causes and helping the underpriviledged...but come on! most of this money is going to the "war" on iraq anyway. :(

i would greatly appreciate any help!

thank you!

Rody

 

[Ronnin]

Are you being paid as an independent contractor (1099) or as a regular employee? What type of contributions (pre-tax/post-tax) are you making to an IRA or 401K?

 

[Pengwuino]

This is probably better suited for a financial forum.

 

[Mattara]

What you could do is to transfer the money through some off-shore cayman accounts, re-route it through the coruptive parts of northern siberia. The more transfers you make, the harder it is to follow the money trail, especially if it is via unofficial channels. Your best bet is to do it via a computer.

 

[imabug]

If the commission isn't money you're going to miss (judging from what you say is taken out of your paycheck, I'd guess this is the case), I'd turn the commission into a 401(k) contribution or stick it into an IRA. Otherwise I think you'll probably get better answers consulting with a financial planner.

 

[Anttech]

If you are on sallary you will be taxed at source (AFAIK), so u can't do anything. If you are Independent or have your own Company then you can minimise the amount of tax you pay legally... So what are you?

 

[loseyourname]

Buy rental property and deduct the mortgage interest.

 

[Pengwuino]

Buy rental property and deduct the mortgage interest.

And use all your personal expenses as "rental expenses" Within reason of course...

I mean... don't cheat on your taxes