Editor’s Note: TCJA tax reform increased the standard deductions which enhances this strategy. Click here for how.
I’m writing because, in recent months, you have mentioned payroll tax benefits for hiring your child. I am concerned that some of your readers may mistakenly think they get these payroll benefits when their corporations or partnerships hire their children. Would you clarify the payroll benefits, please? (D.L.N., Silverthorne, CO)
Absolutely! First, let’s review the benefit: If you employ your child ... Log in to view full article.