Forex Tips 4u - Save Income Tax Bite With Income Splitting
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Suppose, for instance, your business' net income is $75,000. But your spouse has been working in the business all that year, and you paid him a salary of $30,000. Your net income drops to $45,000, a considerable tax savings for you. And, because your spouse's income of $30,000 is taxed at an even lower income tax rate, you get, in effect, a double tax savings.
ou can't pay him or her $70,000 to do basic office tasks, such as filing and answering the phones, for example. If your spouse is working for you as an office assistant, you need to pay him or her a rate equal to what other office assistants make.
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