dataxguy

Get Inspired #2: Hiring Your Kids and Spouse

1:59 AM Jamaal Solomon 0 Comments Category : , , , ,



Benefits of Love and Marriage


I have a wife, 6-year old son and a 3-year old daughter. One day, I'm going to put them all to work in my company!

Hire your kids and spouse and save on next year’s taxes. For example, if you pay a minor child up to $6,350 from your business profits for helping you with business tasks, that amount is not taxed the same as your ordinary income. Also, if you hire your spouse, then as his or her employer you can pay for the healthcare of their family – i.e., yours – and deduct those payments.

Child employed by parents

Payments for the services of a child under age 18 who works for his or her parent in a trade or business are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child. Refer to the "Covered services of a child" section below. Payments for the services of a child under age 21 who works for his or her parent in a trade or business are not subject to Federal Unemployment Tax Act (FUTA) tax. Payment for the services of a child are subject to income tax withholding, regardless of age.

Look into the following link: https://www.irs.gov/businesses/small-businesses-self-employed/family-help


Daily Reminder: What Have You Done Today to Enable Your Tax Strategic Plan?

  1. Have you created your organization’s strategic tax plan recently?
  2. What are the key goals and metrics of the strategic tax plan?
  3. What role do you play in enabling achievement of the defined goals?


Need tax help? Don't be shy, contact me at jamaal@jstaxcorp!

ARE WE CONNECTED ON LINKEDIN YET? SEND ME AN INVITE:

https://www.linkedin.com/in/jamaalsolomon/



Name: Jamaal Solomon





   


RELATED POSTS

0 comments