The New Irs Whistleblower Reward Program Pays Millions For Reporting Tax Fraud

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone who is in a high tax bracket to someone who is from a lower tax group. It may even be possible to reduce the tax on the transferred income to zero if this person, doesn't have any other taxable income. Normally, the other individual is either your spouse or common-law spouse, but it could even be your children. Whenever it is possible to transfer income to a person in a lower tax bracket, it must be done. If marketplace . between tax…