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Family Business

Employ Your Children

Hire your kids instead of paying them an allowance!It is quite common to see children actively involved in the family business. Even young children can perform valuable services. Many business owners, however, miss out on the major tax savings generated by actually hiring their children and paying them a fair wage for their services.The expense is tax-deductible to you, and the income is tax-free to them. [Reg Sec 1.162-7(a) ] The tax-free limit for dependent children was $5,350 per child per year for 2007, and it tends to be increased somewhat each year.

Tags: 
Business Management
Family Business
Submitted by Trevor on Mon, 11/07/2011 - 13:29
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