The Irs Wishes Pay Out You $1 Billion Money!

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