July 2, 2016
If you own a business, hiring your child for the summer may provide him or her with a great work experience and your family with a few tax breaks.
1. You can deduct the wages that you pay your child as a business expense.
2. Your child may not have to pay income tax if his or her annual income is less than the standard deduction amount, which is $6,300 for 2016.
3. Wages that you pay your child are not subject to Social Security and Medicare tax if your child is under age 18 and your business is a sole proprietorship or a partnership in which the child’s parents are the only partners.
Please consult your tax advisor for more details.
Hosting a holiday party for your staff is one of the best ways to show them you care—while also creating some meaningful, team-driven memories. Follow our tips below for hosting a memorable soiree that doesn’t push your stress or your budget past your limit.
If you have retirement on your mind, the big question is this: Are you in a financial position to do so? While nothing replaces the advice of a seasoned advisor, you can take your first step to answering this question by applying a simple 5-step calculation.
If you’re not a fan of Black Friday chaos—you know…the crowds, the rush, the relentless search for a parking space—then ditch the onsite shopping this year while still enjoying the sweet deals.