Difference between revisions of "How Does Tax Relief Work"

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Revision as of 19:58, 20 September 2024

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone will be in a high tax bracket to a person who is in the lower tax area. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't possess other taxable income. Normally, the other person 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 must be done. If major xnxx between tax rates is 20% your family will save $200 for every $1,000 transferred into the "lower rate" family member.

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