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Looking To Grow Your Tax Business?
TaxCoach™ Is Plain-English Tax Planning —
That Builds Your Business Year-Round
Business Tax Strategy: Hire Your Kids
from TaxCoach™ Briefs
Volume 1, Number 17 — September 21, 2006
by Edward A. Lyon, JD
We've all suggested to self-employed clients the common business tax strategy of hiring their kids, age 7 or older, to work for their family businesses. It shifts income to the kids, to be taxed at their lower rates, and helps teach them discipline and money management. It may even teach the kids not to think of their parents as 'The First National Bank of Mom and Dad.' But I have yet to see a turnkey package that gives parents the paperwork they need to actually implement the business tax strategy and document payments.
We've just added an Implementation Guide to TaxCoach for hiring children. You'll find it, along with the 16 other Implementation Guides, in the 'Forms and Templates' section of the system. The Guide includes a template job description, timesheet, and specimen W4 and W2 forms showing clients how to document their children's work and audit-proof their deductions.
Click here to learn more about business tax strategy from TaxCoach™.
Business Tax Strategies . . .
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