judson
Power Member
- Nov 29, 2009
- 530
- 324
Get an accountant. The answer depends on so many things.
Do you have other income? What tax bracket are you in? Can that 65k be ammortized ... ie you have all the money now, but only pay taxes on it over 3 years? What kind of income was it (some are taxed differently), etc etc etc.
The short version is find out the top tax bracket in your jurisdiction, and then budget for that. You will be better off in the long run with a good accountant, through deductions, and other stuff you might not think of, but that means you have set aside enough money for this.
Do you have other income? What tax bracket are you in? Can that 65k be ammortized ... ie you have all the money now, but only pay taxes on it over 3 years? What kind of income was it (some are taxed differently), etc etc etc.
The short version is find out the top tax bracket in your jurisdiction, and then budget for that. You will be better off in the long run with a good accountant, through deductions, and other stuff you might not think of, but that means you have set aside enough money for this.