This amazing nugget of information is for sole proprietors or single member LLCs. You can hire your child (under 18), pay them $12,400 each max, your business will get a tax deduction, they won’t have to pay income taxes (unless paid over $12,400), and you can still claim them as a dependent. BOOM I just blew your mind. Don’t believe me! Read it in the IRS code Publication 15 under “Family Employees”.
If you haven’t tracked your business income nor expenses all year click HERE to schedule an appointment, so we can get you on track before #2020taxseason begins.
As always be safe, cover your cough, wear a mask, and keep a respectable social distance from other.