Your family and marital status provide tax deduction possibilities that you can implement before the end of the year.

In this article, we look at four tax benefit strategies:

Your children on your payroll

Divorce

Marriage

Using the 0 tax bracket

1. Your Children on Your Payroll

Did your under-age-18 children help you in your business this year? Did you pay them for their work?

You should.

Why? First, wages paid by the parent to the parent’s under-age-18 child for work done in the parent’s business are both1

deductible by the employer-parent, and

exempt from payroll taxes for ... Log in to view full article.