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| I was told when I file taxes I should file the trust that I'm the head of separately(my dad made the trust) from my teaching job that i would save immensely in taxes going over the 40,000 threshold. I make about 50,000 teaching and 30,000 on farm stuff probably be the max. I was told I'd save 10% on taxes of that 30,000 to file it under the trust name. I would need to make a seperate checking account for it and if I pay myself with it I count it under my income. This was the 2nd year I filed taxes. They're not compete yet due to covid. So I can go back and change stuff. Last year had like 20000 loss so it brought my total income farm and teaching combined down to 20-30000. Any insight or input would be helpful. Thanks. Also, I do not teach English period sorry for any mistakes. | |
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Trust vs Job
