Search Help


Enter one of more keywords to search. Use quotes for “exact phrase.” Note that '*' and '?' wildcards are supported.

When your search results appear, you can refine your search further: Sort for only results in which all search terms appear AND/OR sort by chronological order.

Article Date:
July 2010


Word Count:
863

 

 

Tax Audit Tips on Hiring Your Child


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 10.

 

During the year of this audit, the standard deduction was $4,200, and that eliminated ... Log in to view full article.

Log in to view full article
Already a subscriber?
 
Email Address

 
Password

Log In Send me my password

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
 
with a money-back guarantee



 

SS