David M.Green Bookkeeping and Tax Service -

Recent Posts

Standard Mileage Rates for 2018 Up from Rates for 2017
Senate Passes Tax Reform Bill
IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018
Like Harvey, Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Irma
IRS Has Refunds Totaling $1 Billion for People Who Have Not Filed a 2013 Federal Income Tax Return
powered by

My Blog

Hiring your children can lower your tax bill.

No FICA tax is due
if sole proprietors or husband-wife partnerships hire their kids who are under 18.
The same goes if they work for a parent’s one-person LLC that elects to be disregarded
for tax purposes. Payments to kids also cut the parents’ income and SECA tax bills.
And federal unemployment tax is not owed on their salaries until they hit age 21

0 Comments to Hiring your children can lower your tax bill.:

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment