Posts Tagged ‘IRS Compliance’
The Right Way to Ask Your C or S Corporation for Travel Reimbursements
Keep these basic rules in mind when you work in and operate your business as a corporation: You are an employee of the corporation. The corporation is a legal entity separate from you. The corporation is the business. You can incur business expenses on behalf of the corporation. The corporation may reimburse you for the…
Read MoreHiring 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…
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