Posts Tagged ‘business structure’
Hiring Your Child in Your Family Business: Tax Benefits and Compliance Tips
Hiring your child in your family business can be a rewarding way to teach them responsibility while also providing substantial tax benefits for both you and your child. By paying them a salary, you can deduct it as a business expense, effectively reducing your taxable income. Meanwhile, your child can earn up to the…
Read MoreSuccession Planning and Taxes: What You Need to Know
If you own a business, planning for future transitions and taxation should start now. Key takeaways Business structure matters for taxes, whether it’s a pass-through entity, S or C corporation, or another entity The Tax Cuts and Jobs Act lowered the corporate tax rate, and it also created the qualified business income deduction for pass-through…
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