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Putting element of their extra to the a great 401(k), Old-fashioned IRA otherwise HSA is reduce your taxable earnings. While you can be’t manage exactly how your boss withholds taxes from your added bonus, you will find wise ways to reduce the complete tax strike. The newest Irs observes him or her while the non-staff compensation — and so they feature other taxation laws. But not, other laws apply at incentives a lot more than $1 million.