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Reduce Your Income: Hire Your Kids

If you run a small business that is not incorporated, consider hiring your kids to reduce your tax bill. Here’s why. If you own your own business, by hiring your children you can save in the following ways: Salaries paid to children under 18 are not subject to Social Security or unemployment taxes (in most states). No Federal withholding taxes are required if the child is under age 21 and …Read More