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Can You Save on Taxes by Hiring Your Kids?
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Yes, You Can Save Taxes by Hiring Your Kids!
Tax-Saving Insights:
Hiring your kids isn't just a chore list—it's a strategic way to lower your taxable income. Pay them for real tasks like managing social media or organizing files and claim those payments as business expenses. If they earn under $14,600 in 2024, their income is federally tax-free. Plus, for businesses owned by parents, no FICA taxes apply to wages paid to kids under 18.
Stay Compliant:
The work should be suitable for their age and crucial for your business operations. Compensation must match what you'd pay a non-family employee for the same job. Always adhere to child labor laws.
Additional Perks:
Working in your business teaches your kids valuable skills and money management early on. Consider kick-starting their future savings by setting up a Roth IRA with their earnings.
Engage With Us:
Would you hire your child in your business? What roles do you think are fitting? Share your thoughts below!
#Taxes #FamilyBusiness #YouthEmployment #TaxTips #Family #TaxSeason #FICA #Perks #TaxBreaks
Tax-Saving Insights:
Hiring your kids isn't just a chore list—it's a strategic way to lower your taxable income. Pay them for real tasks like managing social media or organizing files and claim those payments as business expenses. If they earn under $14,600 in 2024, their income is federally tax-free. Plus, for businesses owned by parents, no FICA taxes apply to wages paid to kids under 18.
Stay Compliant:
The work should be suitable for their age and crucial for your business operations. Compensation must match what you'd pay a non-family employee for the same job. Always adhere to child labor laws.
Additional Perks:
Working in your business teaches your kids valuable skills and money management early on. Consider kick-starting their future savings by setting up a Roth IRA with their earnings.
Engage With Us:
Would you hire your child in your business? What roles do you think are fitting? Share your thoughts below!
#Taxes #FamilyBusiness #YouthEmployment #TaxTips #Family #TaxSeason #FICA #Perks #TaxBreaks
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