I was reading recently that the 10/15% tax brackets do not have to pay capital gains tax, but that the law is sun setting in 2010.
I am currently in early stages of entertaining a bid on one of my businesses, and I have a question. I obviously will need to find some advisers soon, but I just want to know about this in advance.
My pay as a contractor at my job, is above the 10/15% tax bracket. The scenario is this:
Can I defer my pay, or change the way my pay is determined to be configured on a milestone basis to lower my tax liability this year? For example: If I am making 10x right now, and I ask for it to be lowered to 3x with a milestone bonus in February of next year, is this OK? My boss said he would do whatever I needed, so long as he didn’t lose money and that there wasn’t any issues with it from his accountant.
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