Tax Filing Tips Post-First Real Bonus
Title – curious if there are any hacks that folks would be willing to share? And no, not looking to open a shell company in the Caymans lol, any legit way to form a shield? Have some crypto holdings and typical investment accounts, but no property to serve as a depreciation write off against my income or something like that..
Know many of us who don’t come from money get into this to build wealth for the generations to come, and hopefully this thread can be helpful to many. Cheers!
Bump would love to hear more about this
If you are an analyst at an investment bank, you are probably a W2 employee. If so, taxes are taken out of your bonus before you receive the money. Best case is you file your tax return the following year and get some money back.
If you are like a consultant / 1099, I think that may also be reported to the government, so when you file taxes (if you do), you may have to start searching for any reasonable business expense you have incurred to offset that income.
Otherwise, if you don’t need to report it to the government, idk why you would. Just don’t be a criminal or do stupid things. Be a good citizen and the government shouldn’t really have a problem with you. If they need the money, they will come and take it 🤣
Good luck
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