Tax Tip #7 My Tax Man Gave to Me…

December-Tax-Tips-7

#7 Hire your children to work in your business

Wages paid will be deductible by your company and taxable to the family member. Your child’s earnings will probably fall in a lower tax bracket than yours. Payroll taxes apply to such wages; however, if your business is a proprietorship or family partnership, they do not apply to wages paid to your children under 18. Compensation paid has to be reasonable for the services performed. This may be a great way to teach them about savings, especially for a college savings plan.

‘Tis the Season to start Tax Planning
Call us today to get started. (305) 477-5671

Publicado en Tax Planning
This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.