Lets say I have a small company and I pay myself a salary of 200k / year. I'm in the 33% tax bracket. I've thought about a strategy to lower my taxes to about 20%, but not sure if it's viable. Would love some input.
The key here is that I don't mind waiting for a few years to get my money.
I've thought about taking the company public (just OTC pink slips, not listed in the NYSE or anything prestigious like that). Then I could pay myself $35,000 / year (15% tax bracket) plus $165,000/ year in stock options. The stock options would be set at a low strike price with say a one month expiration, pretty much guaranteeing I get the stock.
I would keep the stock for one year and then sell it back to the company. Now my compensation would fall under the long term capital gains tax which I believe would come to 15%.
Is there anything wrong or potentially illegal with this strategy? Or any way to improve it? I wouldn't mind writing annual reports and doing some accounting for the OTC statements in order to keep an extra 30k+ year.
The key here is that I don't mind waiting for a few years to get my money.
I've thought about taking the company public (just OTC pink slips, not listed in the NYSE or anything prestigious like that). Then I could pay myself $35,000 / year (15% tax bracket) plus $165,000/ year in stock options. The stock options would be set at a low strike price with say a one month expiration, pretty much guaranteeing I get the stock.
I would keep the stock for one year and then sell it back to the company. Now my compensation would fall under the long term capital gains tax which I believe would come to 15%.
Is there anything wrong or potentially illegal with this strategy? Or any way to improve it? I wouldn't mind writing annual reports and doing some accounting for the OTC statements in order to keep an extra 30k+ year.
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