09-03-2015, 06:05 PM
D_Eclipse9916 Wrote:There are ways around this FYI, claiming exemptions higher than you actually would through work. This means you get more back every paycheck. You just have to settle back with the govt at tax season.Changing exemptions does help but it's not a silver bullet to fixing a bonus-heavy comp structure, trust me. You could consistently achieve 100% of plan and have a good idea what your bonuses and total comp would be year over year...and then destroy it the following year and instantly jump 3 tax brackets. I regularly saw reps at our company go from $140k YOY total comp to $250k-300k+ and at the highest level $180-200k YOY total comp to $800k-$1M+...with the vast majority of that coming in the form of bonuses and a HUGE chunk of it coming as a year end bonus. Obviously you're super stoked for that kind of year but everyone jumps on the phone with their accountant in January :lol:
BTW- TurboTax beats me every year (by about $~50-100) when I do my taxes by hand. I still am clueless how they get the foreign tax exemptions on some of my investments correct.
Posting in the banalist of threads since 2004
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks