my firm is closing but will be giving out year end bonus. They are being extremely generous and i should be receiving about $200k as a bonus. This will definitely put me in the highest tax bracket. Is there a way, I put the money in 401? My firm used to provide profit sharing plan but that will not be available on this check. I just want to try and avoid paying so much taxes on this bonus. I have a few weeks left and need to know what steps to take. I want to try and reduce my agi as possible? Should I try and become of a small business partner (coffee shop) before year end to lower my taxes?