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Title : The Novel Taxation Constabulary Could Brand Hiring Your Small-Scale Fry A Real Smart Taxation Move
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The Novel Taxation Constabulary Could Brand Hiring Your Small-Scale Fry A Real Smart Taxation Move

From Bill Bischoff at Market Watch:

Say you lot operate your occupation concern every bit a sole proprietorship, every bit a single-member LLC that is treated every bit a sole proprietorship for taxation purposes, every bit a husband-wife partnership, or every bit an LLC that is treated every bit a husband-wife partnership. Great! That agency you lot tin hire your under-age-18 kid (as a legitimate employee) in addition to his or her reward volition live exempt from
Social Security tax, Medicare tax, in addition to federal unemployment (FUTA) tax. In fact, the FUTA taxation exemption lasts until your employee-child reaches historic menses 21. You tin hire your kid part-time, full-time, or whatever plant for you lot in addition to the kid.

Thanks to the Tax Cuts in addition to Jobs Act (TCJA), your employee-child tin utilization his or her measure deduction to shelter upward to $12,000 of 2018 reward paid yesteryear your occupation concern from the federal income tax. For 2017, the measure deduction was alone $6,350, but the TCJA nearly doubled it. So nether the novel law, your kid tin shelter close twice every bit much wage income alongside the increased measure deduction. That makes hiring your kid a improve stance than ever.

Bottom Line: For 2018, your kid volition owe zilch to the Feds on the start out $12,000 of wages, unless the kid has income from other sources....

What if you lot operate your occupation concern every bit a corporation? In that case, your child’s reward are champaign of report to Social Security, Medicare, in addition to FUTA taxes only similar for whatever other employee.

-RW  

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