If you’re a business owner hiring your children this summer, you can obtain tax breaks and other nontax benefits.

four arms in business clothes forming a lattice with gripping each other's arms; image used for blog post for hiring children tax benefits

The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to:

  • Shift your high-taxed income into tax-free or low-taxed income,
  • Realize payroll tax savings (depending on the child’s age and how your business is organized), and
  • Enable retirement plan contributions for the children.


Continue Reading The Tax and Nontax Benefits of Hiring Your Children