If you have children under the age of 18 and you file your tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business.
And if you operate as a corporation, don’t neglect to hire your children; there are good savings for you there, too.
In this article, you will find five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends.
1. Put Your Children on Your Payroll
Did your children under age 18 help you in your business this year? Did you pay them for their work?
You should pay them for the work—and pay them on a ... Log in to view full article.