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Entries for October 2009

12

Paying wages/salary to minor children.

TaxBizPro, LLC posted on October 12, 2009 13:43 Article Rating

Many business owners are curious and interested to know about different ways to save money on taxes.  This article will introduce you to a legal way of reducing businesses or corporate taxable income by paying your minor children. The payments to minor children have to be reasonable.  The minor child needs to be compensated for the services actually performed as a bona fide employee of your business or a corporation.  This tax deduction might be appropriate for some business owners.   Minor child is referred to a child between 7 to 18 years of age.  Each state has different guidance and laws about the definition of minor, so please consult your legal advisor.

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Posted in: Business Tax Articles

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