Re: Ah, the tax man
Now that's a though process I've never understood -- not wanting money because you'll be taxed on it.
Personally, I'm semi-retired and if someone wants to give me money for doing work, I'll gladly take it, even if I have to choke up a chunk of it come the 15th of April ("Tax Day" here in the States). I just make sure not to spend it all before then.
Having some money always strikes me as better than having no money.
Now we can probably argue all day about where that money goes, whether or not it's a good use, and where we'd rather have it go but that's a discussion for some other forum.
I had a minor argument with my stock broker1 about selling some shares in a for-the-moment high flying company. He kept arguing we shouldn't sell because we'd be paying huge capital gains taxes since we got in early and the difference between the cost basis and the sale price was substantial.2
I made the point that I'd rather "share" 20 percent with the IRS, et al, than share negative percent when the bottom finally falls out of this idiotic bubble market. Even if, nay, when, the price drops only 20 percent, I'm still out that 20 percent plus the 20 percent on the remaining 80 percent.
Would I rather have 100 percent of the money? Sure, but that's just the way it works.3
Rejecting money just because of the tax seems a bit silly.
If it's the paperwork, hire a good accountant and let them worry about it.
It's cheaper than therapy.
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1 Stock broker and my are words that for the longest time I thought I'd never utter in the same sentence.
2 Living proof that like the very wealthy, even the moderately well off are often more lucky than smart.
3 And don't give me a bunch of Ayn Rand guff or, as Ed Zitron puts it, I'll pile drive you.