Keeping It in the Family: Tax Advantages of Hiring Your Child in Business 1 Credit
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Oct 18, 01:00 PM
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Business owners often seek ways to reduce their tax bills while spending more time with their families. For many, the freedom to achieve both goals is a crucial reason they started their businesses. One effective strategy is to hire family members into the company.
If you have tax clients with growing businesses and families, this is a strategy you should recommend. It allows them to reduce their tax liability while keeping the spending power within the household. Hiring a minor child as an employee can save on employer taxes, including Social Security, Medicare, and unemployment tax.
Key topics covered:
Join this CE Course; we will explore how to implement this strategy, ensuring the taxpayer has the appropriate entity type to maximize potential tax savings. We will also review the essential steps to prove that the child is a legitimate employee, performing work that justifies their compensation.
For more CE Tax Courses, Click here.
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TIMALYN BOWENS is the owner and lead accountant for Bowens Tax Solutions. She is also affectionately known as “America’s favorite enrolled agent” by clients and colleagues across the U.S.
As an enrolled agent, Timalyn is licensed by the Internal Revenue Service as a tax expert and given clearance to officially represent your case to them.
At Bowens Tax Solutions, she spearheads a team of industry specialists with 24+ years of collective experience serving clients and getting results.
Timalyn began her career in 2011 at a distinguished global accounting firm, where she fell in love with taxes and tax law.
“You don’t deserve to be paralyzed by tax debt. That’s why I’m on a mission to fill the tax literacy gap one taxpayer at a time. Navigating the IRS alone can be nerve-wracking. Let us help make it a pain-free process. ”
Timalyn has been praised for her ability to teach as she works by her clients and for being knowledgeable, patient, and reliable by her peers and mentees.
When she isn’t fighting tax debt, you can find her outside with her husband and daughter enjoying everything that nature has to offer.
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Ms. Tamilyn was engaging and seemed to have a knowledgeable grasp of the subject matter. Although, in a few instances, I was confused by her comments.
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