children

An article in 'Practical Tax Strategies,' a magazine for tax professionals, recently detailed out the significant tax savings that can be had by hiring your children to work in your business.  The article, written by C. Andrew LaFond, CPA and Bruce A Leauby, Phd., CPA state that the 'tax benefits associated with hiring a child depends on the age of the child, the type of business hiring the child, and whether certain other benefits are provided." Sole proprietors hiring children under the age of 18 receive a special benefit related to social security and medicare.  The child, as an employee, [...]