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If you have dependent children, you are already aware that you can claim those children on your personal tax return, however, did you know that you could also hire your children and deduct the wages that you pay them, giving you even more deductions?

Wages are tax deductible to you as a employer and the earned income paid to the child is usually tax free if the child does not earn more than the amount set for that tax year. In 2014, it was no more than $6200 per year per child.

Children could be hired to perform a range of duties in your home-based business that include cleaning your home-office, running copies, setting up equipment for meetings, maintaining your social media, video taping services and other administrative functions.

Establish a guardian checking account for your children and pay them on a consistent basis. As the guardian of that account you could save that money for a college fund, use it to buy school clothes, pay for camp, music lessons or any other expenses that your child incurs.

These are expenses that you are going to incur anyway; however, by hiring your child, you can now turn what was once non-deductible into a deductible expense.

To receive training on what deductions you can take and how to start a home-based business, https://incomeshiftpro.com/jtancrum
Best Regards,

Jasper Ancrum
jtancrum@myecon.net
(757) 449-0435

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