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.Read Full Article
Would you rather have financial luck or be good with money? Most financial challenges aren’t just because of unfortunate events. They are usually founded on poor financial habits. Some may call it financial luck, but most money challenges can be dealt with with using effective habits. Even a minor unforeseen cost can be crippling, with unsuitable…Read Full Article