Your Kids Can Reduce Your Taxes and Get Rich
Aplus Legal Advice | 2022.09.03 00:35 | 741 views
One often-overlooked tax benefit for business owners is putting their kids to work in their business. If you are self-employed, you can take advantage of this by paying your kids $4,000 each for performing services in your business. The business gets a tax deduction for the compensation and that saves taxes on the parent’s tax return. Also, there is no Social Security or Medicare Taxes due on the wages you pay to your child.
