hiring your children: Get A Deduction Paying Your Children! - 06/16/22 02:54 PM

As a small business owner, have you considered hiring your children?  If not, perhaps that is something you should consider.  Hiring your children can help in a number of ways, including helping you to free your time for more important activities, giving your children an opportunity to gain valuable experience, AND can be an excellent way to reduce your taxes by converting non tax deductible allowances to tax deductible wages.  This opportunity is available to sole proprietors, independent contractors, as well as S-Corp and C-Corp businesses.

Tax Benefits of Employing Children

As mentioned above, hiring your children can be an excellent strategy to … (2 comments)

hiring your children: Realtors and Taxes - Hiring Children and Family Members - 03/31/21 12:45 PM
As Self-Employed Independent Contractors, Real Estate Agents may need help in running their business and sometimes it makes sense to hire family.  Today, we’ll cover a few areas where it might be helpful to hire your children as well as adult family members to provide services to the business. 
 Employing Children
An excellent strategy to reduce the overall family tax burden is to employ your children.  Unlike investment income earned in their name, your child's earnings will not be subject to what they call "kiddie tax." What kiddie tax means is that your child's income will be taxed at your highest rate.  … (1 comments)