DAVID S. BABOIAN, CPA, PC

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12/1/2016

December 1, 2016

Read Now
 
TAX TIP OF THE DAY...  Put your kids to work.

If you have a small business or rental property, hire your young children to help out.  Pay them now for work they performed all year long.  Children are in a much lower tax bracket and their first $6,300 may not be taxable at all for Federal income tax purposes.  S-corps and LLCs can also gift ownership shares to a child to shift taxable income to a child's lower tax bracket.  

This issue is much more complicated than it appears and can impact college financial aid, workers compensation insurance and more... so talk to your tax advisor in advance to discuss the pros and cons.  Note: There are special payroll tax rules for sole proprietors hiring heir own children under age 18. 

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYEE set up forms for new hires
      • EMPLOYER set up forms
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's band - Dance Fever
    • Haunted Chamber
    • Picture gallery
  • Secure email