Is your child 18 or older?
If you’re answering “yes,” my new article is for you.
You see, it will explain a great college funding tool that can save you a lot of money.
Want to find out how to put this proven strategy to work? Read my new article titled Tax Tips: Paying for College.
Three ways our fact-filled article can help you:
- You’ll learn why you should NOT make your child an employee. Hiring your under 18 year-old kid is a great strategy, but when your youngster is over 18, you’ll be responsible for payroll taxes. Ouch! There is a better way to handle things as you’ll learn when you read the full article.
- We’ll explain a winning strategy. It’s easy. Contract with your youngster to perform a one-time task like building a web site, creating a business video, painting the office, etc. This kind of activity doesn’t qualify as a “trade or business,” so you won’t be responsible for payroll taxes. You’ll get full details when you read the full article.
- We’ll tell you how much you can save. (A lot!) Example: Let’s assume you’re in the 40% federal tax bracket and you pay your 20-year-old college student $15,575 to complete a task. The result? You can deduct that amount and save $6,230 on your tax bill! All will be explained when you read the full article.