Employing Your Children

Posting by Joel C. Susco, CPA

Summer is a great time to implement an easy tax savings strategy: hire your children to work for you. Employing your children in your business can be a quick and easy way to generate some additional tax savings, kick-off your children’s retirement savings, and provide your children with important career training that can be particularly crucial for future succession planning if you hope to run a multi-generational family business.

Bond Beebe Accountants & Advisors’ tax experts have laid out some helpful guidance in their recent post on the It’s Taxing blog.  If you are considering hiring your children this summer – or at any other point in the year – you won’t want to miss out on the potential tax benefits for both your business and your family.

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