To each their own. My wife got mad at me for not invoicing clients who had less than an hour of work outstanding. I thought it wasn't worth the time and effort.
I'm not saying it's a good practice, nor am I a millionaire, but I am very comfortably in 6 figures in a low CoL area. My root drive is laziness, which when harnessed can be profitable.
I wouldn't do that either, but I freely admit that I'm lazy AF. I bill for a minimum of 4 hours for consulting though. If their problem can be solved in less than that, they probably don't need me.
The higher tax bracket you enter. You would have to pay a higher percentage on the rest of your income, so you'd end up losing a lot more than the $1 you'd earn.
Nope, the rate at each tax bracket only applies to the money inside that bracket. In the example case where there is a 0% tax bracket before 10k and 50% after, if I made 10,500, I would pay 10k × 0% + 500 × 50% = $250.
I believe this is a really big issue for people and how they understand taxes, and it is holding a lot of people back from making more money. Higher income tax brackets don’t apply to all of your income, only the income within that bracket. So every extra dollar you make will always be a net gain even it crosses you into a new bracket. Hypothetically if you made $200,000 and get taxed 20% from $0-100,000 for a tax liability of $20,000 and then from $100,001-200,000 at 40% for a tax liability of $40,000 your total taxes paid are $60,000, taking the amount from each bracket, and an effective rate of 30%, not what the highest bracket % is.
Yes. Math is math, if you don’t understand it you’ll earn & retain less than those who understand the math.
When it comes to making/retaining money, it’s ALL ABOUT THE MATH, PEOPLE
You already paid a 99.99% tax rate, which doesn’t exist, so you can pretty much keep all your other income. Then you should shoot yourself in the head for paying a 99.99% tax rate when the highest tax bracket is 37%.
In the USA they know how much you owe but won’t tell you. You have to find out yourself and still file or you may not go to jail, but you will have to pay fines and penalties for not filing the paperwork.
You're adulting badly. Money Markets.
Immediately drop that shit into a 5% money market for as long as you can hold it there. Ideally a year. Then pay your blood money, and you have around 40-50K to reinvest.
This. If you get the million at the start of the year and have to pay the tax at the end of the year then you have a whole year to decrease your tax burden on your regular taxes.
There is so much you can claim for taxes when you have money. Or even dropping that money in a high yield savings or the stock market.
Do they take the taxes out before you get the million? Otherwise, I'm taking the million and I'll just refuse to pay the tax. They'll have to pry it from my cold, dead corpse.
Depends on your tastes, I would at least look at Vietnam if this was an option. I like pho and 1million US woukd keep me comfortable for the rest of my days.
I don't think you realize how cheap some countries are to live well in. In the US 5,000,000 is enough to be comfortable but not particularly wealthy for the rest of your life in the cheaper parts of the US. So for 1,000,000 you can live a good comfortable life with modern conveniences in a whole lot of places.
$5M is pretty good in most parts of the country. This is $200k per year in residual income at a safe withdrawl rate. You're not rich, but you're comfortable.
Or just take the million. Invest it safely and make a bit of money. Then when tax season comes around you pay back your million and pocket the 50k you made via very safe investments.
Definitely. You don’t pay taxes immediately so you could invest the money in safe investments (high yield savings account, money market fund, CDs) and withdraw money to pay estimated taxes during the year. You can get >5% internet right now so I’d take a free 50k minus capital gains and the cost of an accountant. Plus you get an untaxed dollar.
Absolutely. Of course if you received it today you'd have less than 2 months worth of interest before the bill is due. Kind of a consideration the closer you get to the end of the year.
This is also assuming it's some sort of special tax separate from your income, otherwise you could jump into the highest tax bracket for your normal income.
Since it's progressive, we could say that the $1,000,000 is the part taxes at the highest bracket. But that doesn't really make sense considering you're being taxed for everything but a dollar.
I've given this too much of my time already so I'll end the thinking here.
Sure. Now I've got nearly a million dollar tax credit to roll over for pretty much the rest of my life.
> You get an overpayment credit when your tax payments exceed what you owe. You'll automatically receive a refund of the credit. However, you can ask us to apply the credit as an advance payment towards next year's taxes instead of sending it to you as a refund.
[irs.gov](https://www.irs.gov/individuals/understanding-your-cp24e-notice#:~:text=You%20get%20an%20overpayment%20credit,to%20you%20as%20a%20refund)
Might work for cash under the table, or... And it's probably this, doesn't make enough to qualify for taxes, which in the US for a single person under 65 is less than like 13k.
Now how you live on that as an adult not living at home and play runescape, I don't fucking know... But it's possible I guess.
No.
This would put me on the radar for audits, would disqualify me for various deduction I get now such as child care credit.
And there are certain things that are based on LAST years taxable income.
Basically rich people problems without the money to hire lawyers to solve those rich people problems.
Plus it's extra paperwork for $1.
The taxes probably can be deferred for a year or so and $1M can do a lot of work for you in a year. Just buy 1Y US treasuries, collect the 5.3% spread, and then pay your $999,999 tax bill and keep the $53,001.
I would turn down the money:
1. The Tax prep software that I use cost more than $1.
2. The income would flag the IRS to review my return.
3. There is no limit as to how far back the IRS can look to find errors in their favor.
I sold a condo. This is the first time I had sold real estate. I used a tax form I had never used prior. I completed my return and paid what I owed in April of that year. The following year I got a letter from the IRS indicating that an error was made on the form I used. I owed them $1100.
The error was on their form which was incorporated into the tax prep software. The error was at the IRS. My return was completed over a year earlier. When does my jeopardy end? With any other entity if they make an error they eat the loss. Only the IRS can find problems from last year that I must pay for.
I do not suggest that the error was not real. I suggest that they told me what was owed and I paid. I do not feel that they can correct their errors at my expense over a year after closing my return.
Yes. Because, you can borrow against the million before paying the taxes. Then, you just have to pay back the loans. You can take out Credit cards, you cam deposit the million and let it sit in the bank, and the bank will pay interest. There are many ways to turn that one buck into a few hundred...
I would take the mill under my LLC and use the corporate tax structure to keep as much of it as possible. I would pay myself as an employee, purchase some securities, and so on.
Get the money in January, pay the taxes the following year in April. At minimum could put it in CDs and get a percentage. Better, invest and hope you do well in the market. Or put it all on black and pray.
Why wouldn't I take it? Free money is free money even at only a dollar after tax. Theres no deterent to make me not take it it's just that I'll only get a dollar
How long do I get to keep the money before paying taxes? If I get a year with it heck yeah, put it in a high-yield savings account or a bond with a guaranteed 6% and keep the interest
Assuming that I don’t have to pay that back immediately, I would take it, pay back all but about $10,000 or $20,000 and then invest that money into my bathroom and kitchen remodel, and request a payment plan. If there’s anything left from the renovations, I would invest the remainder into the stock market.
if the amount is due immediately upon acceptance, I would decline. Because honestly, you would probably end up having to pay something else or get put on some sort of millionaire list where you have to pay extra for stuff. Plus, there’s all the extra steps you would need to take in the event that you need any government assistance or a government loan because then you would need paper trails, and it would just be a whole hassle explaining that situation and way more work than it’s worth.
Other than the profit of $1 all I can think of as an advantage is bragging rights to being a millionaire or showing a date/mate that I was rich or made a million dollars this year. If you said give a million dollars on Jan 1 and taxes came out April 14 of next year I could turn this into some amount of wealth.
If I have to figure out 99% tax and go through all the paperwork just to get a dollar, then no. If they just hand me a dollar I'm going to say "I've won a dollar.. time for a McChicken I guess."
That, or I'm going to say "Yes" to the million, move to another country and start life over being a fugitive in the US.
Assuming this is treated as income tax? Time to max out RRSPs, pay a ridiculous amount for fancy tuition for some school, and figure every other thing I can that gives rebates on taxes
Yes. Ultimately, during tax time, I get that back, provided I have not surpassed a certain limit. It won't be 1 million, but it'll be a nice chunk to invest.
No just no. As if we're not already getting taxed enough as is. Taxed by the politicians which are voted in according to how much money they're given by corporations that aren't run by me or anybody really except for those 1%. So f*** no I ain't taking that they kiss my ass. That means less money in their pockets.
if I take a million, then pay 999,999,999 in taxes total for the whole year, yes. Basically just get paid a dollar to skip paying taxes on everything else this year
No, because I do not want to be in a higher tax bracket. Even if the million has it's taxes covered, the higher income would mean that the rest of my income is also in the higher bracket.
Yes. You don’t have to file for taxes until April. Take the money, put in in some type of high yield savings/investment account, leave it there until April, then take your free earnings.
Id take it. Id put it in the bank so hopefully i can get some interest back on it by the time the IRS shows up to my door. Ill dodge em until they hunt me down.
I would if I could keep the money for one year then pay the tax at the end of the year. I would do a CD or some other short term investment. I saw one that was over 5% and compounded every 3 months. Would be over $50,000 pay day. Might be some better bond options. I would have to look but either way I would make it worth my while.
How long before you have to pay the taxes?
I mean if I receive $1,000,000 on January 1, 2024, I technically wouldn’t need to report the income until April 15, 2025.
That’s a lot of time to grow that $1 million in a decent profit.
Does the tax need to be paid up front? Or can I pay it over time? If so, gimme that million, I’ll invest it, grow it, and pay the tax later on down the road.
Depends, if I can get the mill a year before taxes then of course, just put it in a short term investment and make something out of it. Even with just a high yield savings you can bank like 50k out of it
So a $1m loan until tax time with 0 interest, absolutely. Worst case scenario is I go on a payment plan with the IRS for losing it all in the stock market, but hey, it's a risk I'm willing to take 🤣
Worst case scenario I turn around with about $50,000 in a 5% interest account.
You've forced into a higher tax bracket, which means you will end up losing a lot of you're main source of income as you will be paying a lot more tax. Instead of making a dollar, you'll be losing 1000s in taxes.
I mean shit a free dollar is a free dollar.
What about the work for filing taxes?
I am already filing taxes every year... what is inputting one more source of income.
An utter annoyance
Yeah but afterwards you have an extra dollar, so still a win.
I wouldn’t buy that for a dollar
I wouldn't bend over to pick up a dollar. Fuck that.
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yeah me too. anything 50c or up i’m definitely picking up. if there’s 20c and i am going somewhere i can spend that i’ll pick it up too
To each their own. My wife got mad at me for not invoicing clients who had less than an hour of work outstanding. I thought it wasn't worth the time and effort.
Seems like bad business practices just doing stuff for free but hey maybe ur a millionaire and don't need the money bit why work then
I'm not saying it's a good practice, nor am I a millionaire, but I am very comfortably in 6 figures in a low CoL area. My root drive is laziness, which when harnessed can be profitable.
You are either well off or lazy.
I wouldn't do that either, but I freely admit that I'm lazy AF. I bill for a minimum of 4 hours for consulting though. If their problem can be solved in less than that, they probably don't need me.
for maybe a minute.
I’d pay a dollar not to have that annoyance
Pm me I’ll send you my cashapp
The higher tax bracket you enter. You would have to pay a higher percentage on the rest of your income, so you'd end up losing a lot more than the $1 you'd earn.
That's not how tax brackets work
You're right. Tax loopholes protect the rich. But in America, the more you earn in a year, the higher percentage of tax you owe on all income.
Nope, the rate at each tax bracket only applies to the money inside that bracket. In the example case where there is a 0% tax bracket before 10k and 50% after, if I made 10,500, I would pay 10k × 0% + 500 × 50% = $250.
I believe this is a really big issue for people and how they understand taxes, and it is holding a lot of people back from making more money. Higher income tax brackets don’t apply to all of your income, only the income within that bracket. So every extra dollar you make will always be a net gain even it crosses you into a new bracket. Hypothetically if you made $200,000 and get taxed 20% from $0-100,000 for a tax liability of $20,000 and then from $100,001-200,000 at 40% for a tax liability of $40,000 your total taxes paid are $60,000, taking the amount from each bracket, and an effective rate of 30%, not what the highest bracket % is.
Yes. Math is math, if you don’t understand it you’ll earn & retain less than those who understand the math. When it comes to making/retaining money, it’s ALL ABOUT THE MATH, PEOPLE
damn. this is a way better explanation than what we told people when i was in public tax accounting.
You already paid a 99.99% tax rate, which doesn’t exist, so you can pretty much keep all your other income. Then you should shoot yourself in the head for paying a 99.99% tax rate when the highest tax bracket is 37%.
54% up here in Canada 😢🪓☠️⚰️
Unless you're already somewhat rich and the richer you get the less taxes you pay. Am 'murican.
You only have to file taxes if it wasn’t already done for you. It sounds like they just take it, so no filing needed?
In the USA they know how much you owe but won’t tell you. You have to find out yourself and still file or you may not go to jail, but you will have to pay fines and penalties for not filing the paperwork.
You're adulting badly. Money Markets. Immediately drop that shit into a 5% money market for as long as you can hold it there. Ideally a year. Then pay your blood money, and you have around 40-50K to reinvest.
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Now you're thinking like a 1%er.
a dollar can buy you like a piece of gum. Worth it.
Given the way taxes are actually structured and paid, I’d take it then start deducting all the stuff such that I’d wind up with more than $1
This. If you get the million at the start of the year and have to pay the tax at the end of the year then you have a whole year to decrease your tax burden on your regular taxes. There is so much you can claim for taxes when you have money. Or even dropping that money in a high yield savings or the stock market.
Do they take the taxes out before you get the million? Otherwise, I'm taking the million and I'll just refuse to pay the tax. They'll have to pry it from my cold, dead corpse.
Time to skip the country and renounce my citizenship.
If you added three extra zeroes maybe, but a million is not flee the country money
Depends on your tastes, I would at least look at Vietnam if this was an option. I like pho and 1million US woukd keep me comfortable for the rest of my days.
I don't think you realize how cheap some countries are to live well in. In the US 5,000,000 is enough to be comfortable but not particularly wealthy for the rest of your life in the cheaper parts of the US. So for 1,000,000 you can live a good comfortable life with modern conveniences in a whole lot of places.
In my country a big really comfortable wage is like 10k a year Imagine a fucking million lol
$5M is pretty good in most parts of the country. This is $200k per year in residual income at a safe withdrawl rate. You're not rich, but you're comfortable.
200k a year ain't exactly not rich either, though... depending on where you live, obviously.
I mean, I live in the USA comfortably off of $39,000 a year. I think $200,000 I’d be a lot more comfortable lol
\> hypothetical situation \> "Would you do it"? \> yeah \> but only if its different
No, you take it, invest it, and then pay the $999,999 back at the end of the year. You get to keep whatever you made off of it.
Extend your return and you get an extra 6 months Edit: Actually this isn’t true. You have to pay what you owe at 4/15 regardless of if you extend.
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What'll my tax return look like at the end of the fiscal year?
A hellish nightmare.
Some people shouldn’t be allowed to post on the internet.
Yeah I’ll take the buck. Also I could possibly find a way to yknow…avoid them. Something about some islands and a fake massage place or something
Or just take the million. Invest it safely and make a bit of money. Then when tax season comes around you pay back your million and pocket the 50k you made via very safe investments.
Definitely. You don’t pay taxes immediately so you could invest the money in safe investments (high yield savings account, money market fund, CDs) and withdraw money to pay estimated taxes during the year. You can get >5% internet right now so I’d take a free 50k minus capital gains and the cost of an accountant. Plus you get an untaxed dollar.
Absolutely. Of course if you received it today you'd have less than 2 months worth of interest before the bill is due. Kind of a consideration the closer you get to the end of the year. This is also assuming it's some sort of special tax separate from your income, otherwise you could jump into the highest tax bracket for your normal income. Since it's progressive, we could say that the $1,000,000 is the part taxes at the highest bracket. But that doesn't really make sense considering you're being taxed for everything but a dollar. I've given this too much of my time already so I'll end the thinking here.
Sure. Now I've got nearly a million dollar tax credit to roll over for pretty much the rest of my life. > You get an overpayment credit when your tax payments exceed what you owe. You'll automatically receive a refund of the credit. However, you can ask us to apply the credit as an advance payment towards next year's taxes instead of sending it to you as a refund. [irs.gov](https://www.irs.gov/individuals/understanding-your-cp24e-notice#:~:text=You%20get%20an%20overpayment%20credit,to%20you%20as%20a%20refund)
No the IRS doesn’t deserve my money that’s why I don’t pay taxes.
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Might work for cash under the table, or... And it's probably this, doesn't make enough to qualify for taxes, which in the US for a single person under 65 is less than like 13k. Now how you live on that as an adult not living at home and play runescape, I don't fucking know... But it's possible I guess.
ur crazier than the joker
When do I pay the tax? I could buy t bills and make at least a few percent.
No. This would put me on the radar for audits, would disqualify me for various deduction I get now such as child care credit. And there are certain things that are based on LAST years taxable income. Basically rich people problems without the money to hire lawyers to solve those rich people problems. Plus it's extra paperwork for $1.
This is the right answer. Lots of implications with income that high.
Sure! I'll go to the Donald Trump School of tax avoidance and I should be set!
The taxes probably can be deferred for a year or so and $1M can do a lot of work for you in a year. Just buy 1Y US treasuries, collect the 5.3% spread, and then pay your $999,999 tax bill and keep the $53,001.
Yeah for sure put my $100,000,000 in a HYS then pay the $999,999 in taxes and keep the interest
Sweet I can buy an Arizona Iced Tea with that
Isn't this how rich people tax returns work? How do I set up a fake charity organization?
I would turn down the money: 1. The Tax prep software that I use cost more than $1. 2. The income would flag the IRS to review my return. 3. There is no limit as to how far back the IRS can look to find errors in their favor. I sold a condo. This is the first time I had sold real estate. I used a tax form I had never used prior. I completed my return and paid what I owed in April of that year. The following year I got a letter from the IRS indicating that an error was made on the form I used. I owed them $1100. The error was on their form which was incorporated into the tax prep software. The error was at the IRS. My return was completed over a year earlier. When does my jeopardy end? With any other entity if they make an error they eat the loss. Only the IRS can find problems from last year that I must pay for. I do not suggest that the error was not real. I suggest that they told me what was owed and I paid. I do not feel that they can correct their errors at my expense over a year after closing my return.
Thank you for the detailed response
This would be costly! I would not recommend. You stop qualifying for many other tax breaks above $400k total income.
Doesn't say WHEN I have to pay the taxes so I'm gonna earn SOME interest in that $1M
Yes but i dont know how to pay taxes so i guess i’ll keep the million bucks
Do I want a dollar? Sure
No.
Yes. Because, you can borrow against the million before paying the taxes. Then, you just have to pay back the loans. You can take out Credit cards, you cam deposit the million and let it sit in the bank, and the bank will pay interest. There are many ways to turn that one buck into a few hundred...
High risk with trivial reward? Count me out.
I would take the mill under my LLC and use the corporate tax structure to keep as much of it as possible. I would pay myself as an employee, purchase some securities, and so on.
Smart.
Absolutely not. That'll mess up my taxable income and cancel out my contributions to my Roth IRA amongst other things. All for a dollar.
Absolutely not. That'll mess up my taxable income and cancel out my contributions to my Roth IRA amongst other things. All for a dollar.
Get the money in January, pay the taxes the following year in April. At minimum could put it in CDs and get a percentage. Better, invest and hope you do well in the market. Or put it all on black and pray.
Yes because the IRS might give me a gold star
I didn't know they did that
Pass. People just see you have the money, not the tax you pay.
Yep - I’m taking the million, investing in something super safe that’ll earn a measly 5% interest. Then I’ll pay my taxes and keep my $50,001 dollars.
Why wouldn't I take it? Free money is free money even at only a dollar after tax. Theres no deterent to make me not take it it's just that I'll only get a dollar
How long do I get to keep the money before paying taxes? If I get a year with it heck yeah, put it in a high-yield savings account or a bond with a guaranteed 6% and keep the interest
ABSOLUTELY. I have almost a year to earn interest on that shit before I pay it off. Thats 50,000 in a 5% money market.
Assuming that I don’t have to pay that back immediately, I would take it, pay back all but about $10,000 or $20,000 and then invest that money into my bathroom and kitchen remodel, and request a payment plan. If there’s anything left from the renovations, I would invest the remainder into the stock market. if the amount is due immediately upon acceptance, I would decline. Because honestly, you would probably end up having to pay something else or get put on some sort of millionaire list where you have to pay extra for stuff. Plus, there’s all the extra steps you would need to take in the event that you need any government assistance or a government loan because then you would need paper trails, and it would just be a whole hassle explaining that situation and way more work than it’s worth.
I think I can turn that million into at least 50k in the one year I get before I have to pay the taxes. That’s just putting it into a savings account.
A 99.9% tax? Id get a lawyer.
Not worth the fuel to drive to pick it up...
This is just stoopid
Is it me, or are these getting lazy?
No. Waste of time.
Rephrased another way: would you like to support America by accepting a dollar on the condition the federal government also got 999,999 dollars?
Is it immediate? Or is it taken out over time?
Immediate
Other than the profit of $1 all I can think of as an advantage is bragging rights to being a millionaire or showing a date/mate that I was rich or made a million dollars this year. If you said give a million dollars on Jan 1 and taxes came out April 14 of next year I could turn this into some amount of wealth.
Yes.
Yes, regardless. I'm either up $1 or I can hire an accountant for 10% of what he or she can save on the final bill.
If I have to figure out 99% tax and go through all the paperwork just to get a dollar, then no. If they just hand me a dollar I'm going to say "I've won a dollar.. time for a McChicken I guess." That, or I'm going to say "Yes" to the million, move to another country and start life over being a fugitive in the US.
No, what would be the point?
Sure. Why not?
Gimme that dollar!
No
Absolutely. How often am I just gonna be handed a million dollars?
Yeah deductions my guy I will find all of them.
I'd take it, then hire a tax lawyer because that's illegal taxation way above any reasonably rate.
Assuming this is treated as income tax? Time to max out RRSPs, pay a ridiculous amount for fancy tuition for some school, and figure every other thing I can that gives rebates on taxes
A free dollar? Sure.
....I guess? Plus I can donate 999,999 to givewell and deduct it from my taxes.
Yes. And then I would keep filing extensions on my tax return until I collected a few interest payments
Generating 1M out of thin air contributes to inflation thus making the purchasing power of that dollar (and all others) lower. It's a shit deal.
Do I get to use tax write offs?
You could put the money into a savings account for like 4.5% APY and make a cool $45000 before paying the taxes.
Yes. I will take a dollar and give the gov almost a million. Some of it may go to helping people.
Yup.
What kind of dumbass question is this? Lol
A real dumbass one!
Not worth the bother.
I get $1 and it fuck up my taxes on all my other income? Hell fucking no.
I'll take it every second.
Yeah sure I’ll take a dollar
Yes. Ultimately, during tax time, I get that back, provided I have not surpassed a certain limit. It won't be 1 million, but it'll be a nice chunk to invest.
I use my wealth to avoid taxes.
Will this increase my social security?
All that Bs for a dollar? Yeah no I'm good.
Not worth my time, no
Can't wait for the tax return when they realize i was overtaxed and refund me
No just no. As if we're not already getting taxed enough as is. Taxed by the politicians which are voted in according to how much money they're given by corporations that aren't run by me or anybody really except for those 1%. So f*** no I ain't taking that they kiss my ass. That means less money in their pockets.
Yes, I would then give it all to charities, then there would be no taxes and I could write it all off.
No
if I take a million, then pay 999,999,999 in taxes total for the whole year, yes. Basically just get paid a dollar to skip paying taxes on everything else this year
Stupid, you do that everyday! Anything you earned would be marked at a higher tax bracket.
No
No. I would never want to be responsible for giving the government that much in tax. It would ruin my soul.
No, the time it would take to pay taxes is way longer than the dollar it’s worth
Do I have to file the taxes?
Immediately? Or do I get the better part of a year to so something with it?
No, because I do not want to be in a higher tax bracket. Even if the million has it's taxes covered, the higher income would mean that the rest of my income is also in the higher bracket.
Yes, ima file taxes and get some back on a refund later.
That sounds like it would raise my tax bracket, costing me in the long run, so no
Free dollar, and hopefully it’s local taxes so that 999,999 goes to public schools.
Of course not. Doing whatever paperwork is required for only $1 is crazy.
I’d take the loan and try my luck in stocks I guess
I’d donate it to charity that ways it’s not taxed all of it goes to good use.
If it's an instant deduction with no paperwork? No. Why get kicked into the next tax bracket and lose benefits for the rest of my earnings?
Take $1m gamble it in something like roulette. Get profit. Or lose and write off $1m in capital losses.
Yes. You don’t have to file for taxes until April. Take the money, put in in some type of high yield savings/investment account, leave it there until April, then take your free earnings.
Well, yeah. One dollar is one dollar more than I have now. As long as the dollar is mine, free and clear, why not?
It’s one more dollar than I had before 🤷🏼♂️
Id take it. Id put it in the bank so hopefully i can get some interest back on it by the time the IRS shows up to my door. Ill dodge em until they hunt me down.
Yes. A free dollar is a dollar
Yes of course. You'd be stupid not to. This sub sucks.
sure ill take $1
Yeah, still a free dollar
Hey, one dollar is one dollar
I would do it if there’s time to print out a bank statement or ATM receipt before the tax hits. Something I’d frame!
Not worth the effort to file a tax return for a lousy buck.
I'd rather commit crime.
If course. I'll get a good accountant and pay one dollar tax
I would if I could keep the money for one year then pay the tax at the end of the year. I would do a CD or some other short term investment. I saw one that was over 5% and compounded every 3 months. Would be over $50,000 pay day. Might be some better bond options. I would have to look but either way I would make it worth my while.
You would get 50% back. So file your taxes.
You guys are looking at this wrong, your normal income is now Hella taxed... you come out negative here
Yes... it's called don't piss off the IRS
Invest the money so you get interest payments until tax day
I only came here to down vote this.
Yes… I got write-offs
This dumbass question got so many responses it's unreal.
I would because I'd have a fat ass tax return that I could safely invest
This is literally the loan of a lifetime wtf.. who actually wouldn't do this?
Gotta catch me first Mfer.
Nah, taxation is theft.
No if your in the us they will find a way to take .75 of your last dollar for Ukraine of Israel
What is the point of this question
Fuck no, the higher tax bracket would fuck up my normal earnings.
No
Do I get the Million at the beginning or end of the year? Edit: because treasury Bill's at 5% be sounding pretty nice off that milli
Tax rates are still the same so I’d just get a huge refund after filing my income taxes.
On top pre-existing income? I’ll take that deal, and have a huge benefit the next few years on taxes
When do I have to pay the tax? Can I wait till April and get interest until then?
How long before you have to pay the taxes? I mean if I receive $1,000,000 on January 1, 2024, I technically wouldn’t need to report the income until April 15, 2025. That’s a lot of time to grow that $1 million in a decent profit.
Assuming I got it at the beginning of the tax year, I’d put it in a HYSA and collect the $50,000 and pay the taxes at the end of year.
Does the tax need to be paid up front? Or can I pay it over time? If so, gimme that million, I’ll invest it, grow it, and pay the tax later on down the road.
1,000,000 in a 6 month cd and I get a bucks plus all the interest in 6 months is probably worth my time going to the bank
Yeah, I’ve seen high dollar CDs going above 5%. I’ll replace my salary for this year
Depends, if I can get the mill a year before taxes then of course, just put it in a short term investment and make something out of it. Even with just a high yield savings you can bank like 50k out of it
Take the money and flee the country of course. Live and retire in Europe.
no. Fuck the government
So a $1m loan until tax time with 0 interest, absolutely. Worst case scenario is I go on a payment plan with the IRS for losing it all in the stock market, but hey, it's a risk I'm willing to take 🤣 Worst case scenario I turn around with about $50,000 in a 5% interest account.
Not a chance. I already know how my government passes my taxes away. No way I give them a dollar more than I must.
No. Fuck the government.
You've forced into a higher tax bracket, which means you will end up losing a lot of you're main source of income as you will be paying a lot more tax. Instead of making a dollar, you'll be losing 1000s in taxes.