14 Last-minute Small-business Tax Tips (part2)
dd
Source: Forbes.com
Employ Your Children
Doing business with family has its challenges, but at least it comes with a tax benefit or two. Putting Junior on the payroll means he's qualified to begin contributing to a Roth IRA, a smart way for him to start saving for retirement. Another perk: Assuming your boy stays in the business, by putting him on the payroll you are essentially shifting a portion of the company's income into a lower tax bracket--his. You also receive a larger tax deduction for a dependent earning a wage than one who doesn't, notes Richard Dauman, a principle at Bessemer Trust.
Related Links
entrepreneur
, legal
, tax
, law
Most Popular
Related Galleries (7)
-
Seven Tips For Lowering Your Legal Bills (7 photos)
Listen up, cash-strapped entrepreneurs: Whether you're moving to... -
14 Last-minute Small-business Tax Tips (part2) (7 photos)
Entrepreneurs have plenty on their plates without having to sweat tax... -
14 Last-minute Small-business Tax Tips(part1) (7 photos)
Entrepreneurs have plenty on their plates without having to sweat tax... -
5 Ways to Foil Hackers (6 photos)
For so many business owners, the line between their own identity and...