Want to get a tax deduction for yourself and tax-free income for your youngsters?
It’s child’s play when you hire them to work for your proprietorship or partnership.
That’s right. There’s lots of money to be made and saved if you know how to play the game and keep the IRS happy.
Luckily, we do, and we’ll pass on all our money-saving knowledge to you when you read my new article titled Tax Tips: Get Paid: Hire Your Child!
Three ways our fact-filled article can help you:
- You’ll learn why Schedule C businesses are the big winners. Here’s an example: Let’s say you pay your 13-year-old daughter $6,350 to work in your business. Thanks to the standard deduction, she pays zero taxes. And the state and Uncle Sam pay you $3,003 in refunds or tax reductions. You can even pay your child a lot more if you know the rules. We’ll give you all the details when you read the full article.
- We’ll explain how owners of corporations can win too. Putting your under-18-year-old child to work in your S or C corporation also pays off, but to a lesser extent than it would for a sole proprietor. Why? Because of the taxes your corporation and your child must pay. You’ll get the whole story when you read the full article.
- We’ll tell you how to protect yourself from an IRS audit. If you’ve hired your child and a friendly IRS agent comes to check up on you, you’ve got absolutely nothing to fear… if you can supply the necessary supporting documents. And it’s not hard to do if you follow the five rules we’ll explain when you read the full article.