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81643Hire Your Kids in Your Small Business to Save on Taxes

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  • Kristine McKinley
    Dec 3, 2008
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      Article Title: Hire Your Kids in Your Small Business to Save on
      Taxes
      Author: Kristine McKinley
      Word Count: 571
      Article URL: http://www.isnare.com/?aid=324793&ca=Finances
      Format: 64cpl
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      ================== ARTICLE START ==================
      Hiring your children in your business can be a great tax
      savings strategy, as well as a way to teach your children about
      business and money.

      Wages paid to your children (between the
      ages 7 and 17) are a valid business deduction, as long as they
      do bona fide work, and they are compensated fairly.

      Your
      children can earn up to $5,450 (the standard deduction amount
      for 2008) before they will owe any income tax. Because you are
      getting a business deduction for the wages paid to your child,
      this is income that you also will not pay taxes on.

      In
      addition, if your children are under age 18, you don't have to
      pay Social Security or Medicare taxes on them...

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      About The Author: Learn how to hire your children in your
      business and how to reduce your taxes in this step by step
      guide, including sample forms and instructions.
      http://www.hireyourchildren.com
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