S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone who's in a high tax bracket to someone who is in the lower tax clump. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't have got other taxable income. Normally, the other individual is 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 should be done. If major difference between tax rates is 20% the family will save $200 for every $1,000 transferred to your "lower rate" relation.
The employer probably pays the waitress a quite small wage, that is allowed under many minimum wage laws because she gets a job that typically generates practices. The IRS might therefore reason that my tip is paid "for" the employer. But I am under no compulsion to leave the waitress anything. The employer, on the other instrument hand, is obliged to pay for the the services his workers render. I absolutely don't think the exception under Section 102 can be. If the tip is taxable income to the waitress, basically under standard principle of Section sixty one.
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The IRS has kicked out its annual report on highly dubious tax scams for 2008. Promoters often make these strategies sound credible, but just aren't. Should your taxpayer attempts to use just one of the transfer pricing scams, the irs will audit and aggressively attack the taxpayer and also try in order to identify the promoter for prosecution.
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