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Information taken from SBA.gov TAX-FREE INCOME Earnings up to the amount of the standard deduction for your child’s filing status (typically single) are tax free. This means that there is no federal income tax on earnings up to $12,000. And your business gets to deduct the wages, which must be reasonable for the work performed. Overall, this means more money within the family. #familybusiness #smallbusiness #shoplocal #supportsmallbusiness #localbusiness #supportlocal #family #shopsmall #handmade #business #familyowned #supportlocalbusiness #entrepreneur #smallbusinessowner #shopsmallbusiness #womeninbusiness #businessowner #taxtips #fashion #bob #hireyourchildren #hireyourkids #taxtipsforentrepreneurs #taxtipsandtricks #saveontaxes #zoomarama11 #paylessintaxes #howtosaveontaxes #taxtimetips #taxdeductionsforselfemployed #tax #taxes #accounting #business #taxseason #incometax #accountant #finance #smallbusiness #bookkeeping #taxpreparer #entrepreneur #taxrefund #taxreturn #taxprofessional #gst #money #taxplanning #payroll #taxation #businessowner #irs #taxconsultant #taxpreparation #taxtips #cpa #audit #accountants #taxtime #taxprep
Duration: 50 sPosted : Thu, 11 Jan 2024 22:51:18Views
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