Article Date:
December 2013


Word Count:
866

 

 

Year-End Tax Deduction Tips for Kids and Marriage


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:

 

1.

Your children on your payroll

2.

Divorce

3.

Marriage

4.

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.

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