Taxes (unpopular post I'm sure!)

Hi all -
This has been very informative, and I thank you all for your insights, information and scuttlebutt. I have a question, esp. aimed towards any cpas or tax lawyers out there. Is bonus income taxed as capital gains or straight income? There is a huge difference, of course. I believe we will receive a 1099 from the company, but I'm not sure. I have not received a 1099 from a company before, but this bonus is much larger than anything we've had in the past :-)
Thanks for any info and enjoy the Fourth -
Halifax

Tags: bonus, haynesville, tax, taxes

Views: 212

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Replies to This Discussion

Permalink Reply by Bo-Chris on July 24, 2008 at 9:46
The bonus income will be taxed as ordinary income, not capital gains
Permalink Reply by Tim on July 24, 2008 at 10:00
You can also lessen the tax burden by giving to your Church or by donating to any non profit organazation
Permalink Reply by Yogi Bear on July 17, 2011 at 11:25
Its not as capital gain, its taxed as ordinary income.

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