Over the years there's some years were I win (get cash back) and some years where I lose (gotta pay up). Since the Great Recession, well, let's say it's been interesting to say the least.
For those of us that get spiffs from manufacturers these all come with a price tag, and it's hefty if you haven't planned for the tax man. We forget about $150 here and $300 there and $50 here, and by the time you look at the statement, you're getting 1099'd for over $10,000!!!
There was one year in particular where I won a trip to Japan (on ricoh) and a super duper TV, surround sound, VCR, DVD, you name it and I got it (on ricoh), turns out I for 1099'd for all that stuff plus my spiff points, arrggh, I ended up owing a mid 4's to the feds.
So, over the years, I created a list a must do's when it comes to paying my fair share of taxes. I'm not going to post them here in an open blog, however log on the Print4Pay forums and see my ten points that can help you reduce your exposure....
So feel free to add to this discussion, but here's a few things that I do to maximize my take home pay (especially when it's commission time)and minimize my taxes. Go here to fill in the blanks.
First and Foremost: