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A coworker pointed out a very good benefit to moving the contest deadline to January -
taxes. If, by some stroke of extremely very good luck, I should win the first
place prize, I can delay paying my US federal and state taxes by a year. This is in
addition to any potential import duties on the hardware if the machine comes from out
of the country. It would also give me more time to fill out any paperwork that is
required for transactions involving so much money.
This is not a trivial amount in my case - potentialy up to 30% of the amount of the
winnings. That extra year would give me a lot more time to save up the money.
Aren't governments fun to deal with !
Chris Holtorf
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I thought of that as well. Spreading the taxes across an entire year would
be a lot nicer than getting hit all-at-once. In fact, I wondered how I
could afford to win without selling the computer. That would be sad. I
hope that whoever wins can afford to keep it. Plus, I'm curious as to the
power that it would have! :-)
--
Jeremy
www.beantoad.com
"Chris Holtorf" <lho### [at] nwlink com> wrote in message
news:1103_1099054999@news.povray.org...
> A coworker pointed out a very good benefit to moving the contest
> deadline to January - taxes. If, by some stroke of extremely very good
> luck, I should win the first
> place prize, I can delay paying my US federal and state taxes by a year.
> This is in addition to any potential import duties on the hardware if the
> machine comes from out
> of the country. It would also give me more time to fill out any paperwork
> that is required for transactions involving so much money.
> This is not a trivial amount in my case - potentialy up to 30% of the
> amount of the winnings. That extra year would give me a lot more time to
> save up the money.
> Aren't governments fun to deal with !
>
> Chris Holtorf
>
>
>
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