Save Big Money By Employing Your Minor Children
In today’s world there are many businesses that are owned as sole proprietorships, partnerships and LLCs. If you are an owner of any of these types of entities or you and your spouse are the only partners or members of your partnership or LLC, respectively, then you may benefit from employing your minor children. Minor children working for their parents in these entities are exempt from federal (and often times state) payroll taxes. These same children, because of filing threshold limits, commonly owe little or no income tax. These factors lead to a significant tax savings to the parents. This book outlines the regulations and requirements for taking advantage of these provisions.
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