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Article Date:
July 2010


Word Count:
879

 

 

Tax Audit Tips on Hiring Your Child


 

Editor’s Note: TCJA tax reform increased the standard deductions which enhances this strategy. Click here for how.

 

Suppose that the IRS sends you a note saying that it wants to audit your business’s hiring of your children.

 

How would your records hold up?

 

Let’s visit Jeffrey Allen Dumond. At the time of his audit, he was operating State of the Art Vending, a business he acquired that included vending machines and a client list.

 

Basic Facts

 

Mr. Dumond claimed deductions for $8,400 in wages that he purportedly paid his children, ages 5 and ... Log in to view full article.

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