tax reduction: Tax Benefits of Hiring Your Kids
- 09/24/08 06:18 AM
As a follow-up to my previous post, I want to give some details on how you can save big money by hiring your kids to help you in your business. If you are an agent filing as a sole proprietor, in a partnership with your spouse as the only other partner, or a single-member LLC filing Schedule C, any wages you pay your children to help in your business are: Not subject to Social Security and Medicare taxes until age 18 Not subject to Federal Unemployment tax until age 21 Possibly not subject to State Unemployment Tax or Workers' Compensation, depending on the … (26 comments)
As a follow-up to my previous post, I want to give some details on how you can save big money by hiring your kids to help you in your business.;)
;)
