When do you expect to receive your Bonus?

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When do you expect to receive your Bonus?

Poll runs till Mon Jan 01, 2018 2:09 am

Dec 2017
19
46%
Jan 2018
11
27%
Feb 2018 or later
9
22%
No Bonus
2
5%
 
Total votes: 41

Anonymous User
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When do you expect to receive your Bonus?

Postby Anonymous User » Fri Nov 17, 2017 2:09 am

(Can you opt for 2018, for tax reasons?)

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smokeylarue
Posts: 488
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Re: When do you expect to receive your Bonus?

Postby smokeylarue » Fri Nov 17, 2017 4:17 am

I doubt you can delay your bonus but you can always ask? My firm pays it out in February.

jimmythecatdied6
Posts: 149
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Re: When do you expect to receive your Bonus?

Postby jimmythecatdied6 » Fri Nov 17, 2017 10:20 am

I would be very surprised if the firm decided that your tax reasons are more important than its tax reasons

Anonymous User
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Re: When do you expect to receive your Bonus?

Postby Anonymous User » Fri Nov 17, 2017 1:24 pm

jimmythecatdied6 wrote:I would be very surprised if the firm decided that your tax reasons are more important than its tax reasons

Probably no big deal just to ask.

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SmokeytheBear
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Re: When do you expect to receive your Bonus?

Postby SmokeytheBear » Fri Nov 17, 2017 1:30 pm

Anonymous User wrote:
jimmythecatdied6 wrote:I would be very surprised if the firm decided that your tax reasons are more important than its tax reasons

Probably no big deal just to ask.


I disagree. Don’t ask.

charliekelly33
Posts: 51
Joined: Mon Jul 28, 2014 8:35 am

Re: When do you expect to receive your Bonus?

Postby charliekelly33 » Fri Nov 17, 2017 3:21 pm

Anonymous User wrote:(Can you opt for 2018, for tax reasons?)


also, aren't taxes usually over-withheld from bonuses? If anything you'd want it in 2017 so it can factor into your upcoming tax refund.

gaddockteeg
Posts: 336
Joined: Fri Feb 07, 2014 5:33 pm

Re: When do you expect to receive your Bonus?

Postby gaddockteeg » Fri Nov 17, 2017 3:40 pm

charliekelly33 wrote:
Anonymous User wrote:(Can you opt for 2018, for tax reasons?)


also, aren't taxes usually over-withheld from bonuses? If anything you'd want it in 2017 so it can factor into your upcoming tax refund.


there could be plenty of reasons you'd want it in 2018. E.g., if you anticipate changing jobs then.

OP, you generally cannot though.

Anonymous User
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Re: When do you expect to receive your Bonus?

Postby Anonymous User » Fri Nov 17, 2017 5:08 pm

charliekelly33 wrote:
Anonymous User wrote:(Can you opt for 2018, for tax reasons?)


also, aren't taxes usually over-withheld from bonuses? If anything you'd want it in 2017 so it can factor into your upcoming tax refund.

Good point. Moving the bonus over to 2018 is great if you have a job where a 1099 is involved but not any benefit I can see in a law firm setting.

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JenDarby
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Re: When do you expect to receive your Bonus?

Postby JenDarby » Fri Nov 17, 2017 5:40 pm

in-house but our bonuses are paid out in December, which I appreciate. My prior firm paid out bonuses in March.

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SmokeytheBear
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Re: When do you expect to receive your Bonus?

Postby SmokeytheBear » Fri Nov 17, 2017 5:59 pm

JenDarby wrote:in-house but our bonuses are paid out in December, which I appreciate. My prior firm paid out bonuses in March.


My firm pays in December. In years past they would say something like before or after the 1st of the year, so they could do it based on cash flow and tax position, but the last couple years it has been the last paycheck of the year

CHA CHING cannot wait.

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kellyfrost
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Re: When do you expect to receive your Bonus?

Postby kellyfrost » Fri Nov 17, 2017 6:27 pm

Between March 15 and March 31, 2018. It always occurs in that same time frame every year for me.

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Pokemon
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Re: When do you expect to receive your Bonus?

Postby Pokemon » Fri Nov 17, 2017 11:08 pm

Do not know if sarcasm and the joke is on me, but am not sure how people think it is ok to ask firm to delay bonus for you because of tax reasons.

KM2016
Posts: 238
Joined: Wed Jul 09, 2014 1:20 am

Re: When do you expect to receive your Bonus?

Postby KM2016 » Fri Nov 17, 2017 11:39 pm

Pokemon wrote:Do not know if sarcasm and the joke is on me, but am not sure how people think it is ok to ask firm to delay bonus for you because of tax reasons.


If there was ever any doubt, DON'T do this. Can't believe this was even a legitimate question tbh.

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sublime
Posts: 17217
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Re: When do you expect to receive your Bonus?

Postby sublime » Fri Nov 17, 2017 11:42 pm

Don't ask.

And I'm in December. Please someone raise market bonuses (although I'm not optimistic)

EliotAlderson
Posts: 14
Joined: Sat Nov 18, 2017 7:18 am

Re: When do you expect to receive your Bonus?

Postby EliotAlderson » Sat Nov 18, 2017 7:23 am

Also, can’t delay income for tax purposes. IRS has a slight issue with that

Anonymous User
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Re: When do you expect to receive your Bonus?

Postby Anonymous User » Mon Nov 27, 2017 3:15 pm

I originally thought that our bonus would be paid in early Jan. Unfortunately, I learned today that bonuses will be issued in late February. Downer.

Anonymous User
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Re: When do you expect to receive your Bonus?

Postby Anonymous User » Mon Nov 27, 2017 3:25 pm

Mine pays in December, but wouldn’t even think about asking to delay if it didn’t.

Unless you’re thinking that MASSIVE TAX CUTS will be passed and take effect BIGLY in 2018, not worth it to ask.

dixiecupdrinking
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Re: When do you expect to receive your Bonus?

Postby dixiecupdrinking » Mon Nov 27, 2017 8:25 pm

How about "I'm planning to quit as soon as the check clears, so it'd really help me out if it was next year."

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rpupkin
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Re: When do you expect to receive your Bonus?

Postby rpupkin » Mon Nov 27, 2017 8:47 pm

EliotAlderson wrote:Also, can’t delay income for tax purposes. IRS has a slight issue with that

I'm no tax expert, but I believe it's not uncommon for businesses to delay/defer bonus payments for tax purposes.

To be clear, I'm not suggesting that OP (or anyone else) ask their law firm to defer the payment of their bonus. But EliotAlderson's post suggests that such a deferral would be tax evasion; I'm not sure that's right.

Anonymous User
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Re: When do you expect to receive your Bonus?

Postby Anonymous User » Mon Nov 27, 2017 9:16 pm

Given the time of the year, I think you are better off taking the bonus in ’17 since you would not be immediately hit with a Social Security deduction.

I know of bosses/companies who have offered to delay bonus or commission income until the new year. Cannot see that as being illegal. As an obvious side note, the law firm bonus you are about to receive is for work done in ’17 (but, for many, paid in ’18).

EliotAlderson
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Re: When do you expect to receive your Bonus?

Postby EliotAlderson » Tue Nov 28, 2017 5:00 am

rpupkin wrote:
EliotAlderson wrote:Also, can’t delay income for tax purposes. IRS has a slight issue with that

I'm no tax expert, but I believe it's not uncommon for businesses to delay/defer bonus payments for tax purposes.

To be clear, I'm not suggesting that OP (or anyone else) ask their law firm to defer the payment of their bonus. But EliotAlderson's post suggests that such a deferral would be tax evasion; I'm not sure that's right.


Never indicated that it was tax evasion.

Look up constructive receipt. There is a difference between the firm deciding when my bonus is being paid and me telling the firm thanks for the check, but I would like to receive it in 2018

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: When do you expect to receive your Bonus?

Postby Anonymous User » Wed Nov 29, 2017 2:22 pm

EliotAlderson wrote:Look up constructive receipt. There is a difference between the firm deciding when my bonus is being paid and me telling the firm thanks for the check, but I would like to receive it in 2018

I do not understand the logic. It’s not OK to ask for a bonus to be delayed (for work done in 2017) but it is OK for the firm to opt on paying the so-called bonus in 2018?




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