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.
According to the commission's online claims process, those whose personal information was exposed can opt for 10 years of free credit monitoring, which breaks down as follows: Four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years specifically through Equifax.
With all the tax law changes this year, be sure that you are getting your just deductions in the coming tax season. That is, qualifying deductions that fall under the Child and Dependent Care Credit. According to tax giant and trusted resource Intuit, here’s the skinny…
These days, we seem to have endless articles on IT security while traveling, but far fewer on physical safety. Because summer can be big travel months for many businesses, we put together the following list of tips to help keep you safe while away from home.