Learn the key steps and strategies to manage a Florida sales and use tax audit effectively. Our guide explains the audit process, common pitfalls, and expert tips to help you navigate unexpected tax liabilities.
How to Hire Your Kids to Save Thousands in IRS Taxes
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.