Family

Tax advantages of hiring your child at your small business

College children on The Payroll, Employees, FICA, Retirement, Small Business, Social Security & Medicare (FICA) taxes / By Douglas Freeman

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business earnings. You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for …

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Family businesses need succession plans, too

Family Business, Succession Plans, Tax Planning / By Douglas Freeman

Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business — there will always be a family member here to keep the company going and no one will stand in the way. Not necessarily. In one all-too-common scenario, two of the owner’s children inherit …

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