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Tax Tips - pay your kids

By aplane ·
Paying your kids as employees especially if they are under 18 is agreat deduction. They can help you with marketing and office chores etc. You do not have to pay FICA tax on there wages if they are under 18 and if you pay them less than the single atandard deduction (in 2001 $4,550) they do not have to pay income tax either. You save even more if they put the money in there own Roth IRA or s529 plan to pay for their college.

Good Luck

Andrew P Lane, CPA
www.cpamba.com

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