Hello Savages...
Headed into my first year earning OTE (my ratio is 70/30 base/OTE) ever in my life and need help figuring out how to file and what counts as a write off. I do live in CA but I'm not worried as much as the state income tax as I am th Federal one.
I do have a tax person I've worked with in the past when I was working as an I9 and gave me homework to do (highlight everything from my bank statements that could be written off and send to him).
In anticipation of said homework, I'd like to know - what can be written off? I see a big chunk of commission is taxed, what should I expect at the end of the year?
Also - why is OTE paid and taxed as commission and not as a "tip/gratuity" where it would be taxed significantly less 🥲. This is a serious question because it doesn't make sense to me - sales leaders if you care to chime in, I'd love to understand.
Thanks Savages!
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