How to Hire Your Kids to Save $1,000s In IRS Tax dollars

How to Hire Your Kids

How much can I pay my child to work for my business according to the 2023 IRS guidelines?

The 2023 IRS guidelines state that you can pay your child a reasonable wage for their work in your business. This wage should be comparable to what you would pay an unrelated employee for similar work. It is important to keep accurate records of the hours worked and the tasks performed by your child, as well as to pay them regularly. This allows you to demonstrate that the payments are legitimate and that you are not using them as a means to avoid taxes.

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Which IRS Tax Professional Can Help? CPA, EA, Tax Attorney

IRS tax professional

When seeking tax debt relief, choosing the right IRS tax professional can make all the difference. From credentials to communication, here are eight critical considerations to guide your selection: 1) Credentials and Qualifications, 2) Experience with Similar Cases, 3) Reputation and Reviews, 4) Transparent Fee Structures, 5) Availability and Communication, 6) Continuing Education, 7) Professional Association Memberships, and 8) Trust and Comfort. Ensure a thorough evaluation to navigate your tax challenges with confidence.

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