Paladini Law, A Tax Law Firm’s Post

Name: Paladini Law, A Tax Law Firm on LinkedIn: #taxes #businessowner #taxtips #financialeducation #smallbusinessowner…
Uploaded: 2024-05-31T13:00:09.437Z
Channel: Paladini Law, A Tax Law Firm

Paladini Law, A Tax Law Firm

807 followers

5mo

🤯 Does paying your kids can save your business some taxes? 🤔 Let’s bust some myths and confirm the facts! 🚀 Hashtags: #taxes #businessowner #taxtips #financialeducation #smallbusinessowner #TaxLaw #TaxAttorney #LegalAdvice #LawyerLife #TaxPlanning #LegalServices #AttorneyAtLaw #LawFirm #TaxConsultant #NewJerseyLawyer #NJAttorney #NewJerseyLaw #NJBusiness #JerseyLaw #JerseyShoreLaw #NJTaxLawyer #NewarkLawyer #TaxSeason #TaxTips #IRS #TaxRelief #TaxHelp #TaxDeduction #TaxRefund #FileYourTaxes #TaxReturns #SmallBusinessTaxes #fypシ

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Paying your kids to save on taxes. So the way this works is you have a business, a business that generates money, and a business that you are paying income taxes on. Let's say the business makes $100,000 a year of taxable income. You pay your kids $14,000 a year to do work for your business. Now instead of being taxed on $100,000 of income, you're only being taxed on $86,000 of income. And because of the standard deduction, your kids aren't really paying any taxes at all. So this can. Work. However, your kids actually have to work for the business, right? And you have to treat them like any other employee. So if you hire your kids to shred paper at your office, you have to pay them as much as you would pay someone off the street to shred paper. So if you want to pay them $200.00 an hour to do that, probably not going to fly because that is well above market rate. So if you're going to utilize this tax strategy, you have to do it by the book and the savings aren't dramatic if you're effective tax rate is 20%. And you are making around 100 grand a year. Maybe you're saving around $3000. It's nothing astronomical.

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🤯 Does paying your kids can save your business some taxes? 🤔 Let’s bust some myths and confirm the facts! 🚀 #taxes #businessowner #taxtips #financialeducation #smallbusinessowner #TaxLaw #TaxAttorney #LegalAdvice #LawyerLife #TaxPlanning #LegalServices #AttorneyAtLaw #LawFirm #TaxConsultant #NewJerseyLawyer #NJAttorney #NewJerseyLaw #NJBusiness #JerseyLaw #JerseyShoreLaw #NJTaxLawyer #NewarkLawyer #TaxSeason #TaxTips #IRS #TaxRelief #TaxHelp #TaxDeduction #TaxRefund #FileYourTaxes #TaxReturns #SmallBusinessTaxes
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🤯 Does paying your kids can save your business some taxes? 🤔 Let’s bust some myths and confirm the facts! 🚀 #taxes #businessowner #taxtips #financialeducation #smallbusinessowner #TaxLaw #TaxAttorney #LegalAdvice #LawyerLife #TaxPlanning #LegalServices #AttorneyAtLaw #LawFirm #TaxConsultant #NewJerseyLawyer #NJAttorney #NewJerseyLaw #NJBusiness #JerseyLaw #JerseyShoreLaw #NJTaxLawyer #NewarkLawyer #TaxSeason #TaxTips #IRS #TaxRelief #TaxHelp

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Paladini Law, A Tax Law Firm’s Post

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PAYING YOUR KIDS TO SAVE ON TAXES

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