Life Income/commission taxing help!!!

Dante84 · 01-31-2011, 12:03 PM

Guys, I will start this by saying that I am 25 and ignorant about the way commission based income is taxed. I am less than a year into my sales job, and I've put together a proposal worth a lot of money. Honestly speaking, I'd say there is a 75% chance that this promotion, involving 100+ potential clients, nets its full value.

I have the potential to make 50-60k in commission on this one proposal alone. Needless to say, I am nauseous just thinking about it, considering I have to wait until pay day sometimes to just fill my gas tank.

That all being said, I need to know what my options are when it comes to being taxed on it. I am in Kansas, if that makes any difference.

My payout option is up to me. I can take it up front, or stretched out. It can come in one check, or broken into several smaller checks at one time or spread out as well.

The boss-man suggested I take it over a 6-month period if it goes through to help minimize the tax hit.

What would be the best option/s, tax-wise, for me personally if this does indeed go through?

TIA

01-31-2011, 12:03 PM	Topic Starter
Dante84 Tossed Salad & Scrambled Eggs Join Date: Jan 2009 Location: ATX & OPKS Casino cash: $-1848004 VARSITY	Income/commission taxing help!!! Guys, I will start this by saying that I am 25 and ignorant about the way commission based income is taxed. I am less than a year into my sales job, and I've put together a proposal worth a lot of money. Honestly speaking, I'd say there is a 75% chance that this promotion, involving 100+ potential clients, nets its full value. I have the potential to make 50-60k in commission on this one proposal alone. Needless to say, I am nauseous just thinking about it, considering I have to wait until pay day sometimes to just fill my gas tank. That all being said, I need to know what my options are when it comes to being taxed on it. I am in Kansas, if that makes any difference. My payout option is up to me. I can take it up front, or stretched out. It can come in one check, or broken into several smaller checks at one time or spread out as well. The boss-man suggested I take it over a 6-month period if it goes through to help minimize the tax hit. What would be the best option/s, tax-wise, for me personally if this does indeed go through? TIA
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