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What are some tax strategies for when you are self-employed with low income, but every 4-8 years you get a huge spike of income?

April 10, 2020 by

Questions › What are some tax strategies for when you are self-employed with low income, but every 4-8 years you get a huge spike of income?
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Garmaine asked 3 years ago

I am self-employed in the United States, and am working on long-term projects. Most years I don't make much (lets say $20k), but every 4-8 years, after a large project is complete, I expect to get a big spike of income (lets say $200k). I would get taxed that year at a high rate, around 33%, even though if you had averaged out my income over the years, it would warrant closer to a 22% tax bracket.

Is there a way I can structure things so that the income gets more or less averaged out over the years? Right now I just have an LLC and pass through all my income. Maybe I could benefit from some kind of salary structure? I'm not that well versed in tax things, so I might be missing some options.

Thanks!

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Question Tags: income-tax, limited-liability-company, self-employment, taxes, united-states

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