- Get a decent refund? Here are some tips on putting that money to work for you. - July 22, 2020
- Claiming Medical Expenses for Tuition - May 19, 2020
- Making Capital Gains Taxes Disappear on a Profitable Home Sale - May 4, 2020
Tax Planning for the New Tax Law: Part 2
Reclassifying as a contractor: Instead of being a highly paid employee, simply quit and get treated as a contractor. There are some legal hoops to go through, but this could be possible. This will allow you to use the 20% pass through deduction. Essentially, this will allow you to be taxed on 80% of your net earnings from your “contractor business” instead of being taxed on 100% of your wages as an employee.
All content on this site is the property of Taxbot, LLC and/or Sandy Botkin. You may link to any article that you wish, or share via the social media buttons below. However, please do not copy articles or images for use on other sites without express written permission.