|
|
| *Loan,banking and credit>>>business tax |
If you own a small business can you hire family members without paying taxes on them? |
If you own a small business can you hire family members without paying taxes on them? what country are you in? tax laws are different in different countries. *** In general, the tax collector wants his due no matter where you are or who is doing the work. Failing to report and pay is usually a crime, not to mention the tax penalties imposed [past due taxes, interest on them, and penalties for non-deduction are common]. AND, at least in America, the only tax you actually dodge on family members' work is the unemployment tax. Small businesses are usually taxed as if the sole proprietor [owner -- you] is the only employee and the net income is all his/hers -- so FICA, Medicare, and income tax all apply to the entire net income of the business. This is calculated and reported on your Schedules C and SE to your form 1040 income taxes. Telling the truth is usually the better route -- ignore these guys up above who think you might get away with something here. Source(s): MBA/CPA You can't "hire" them, you all can work as a whole family to the business if you catch my drift wink wink. No. You are required to pay taxes on all employees. The only way to not pay taxes on them is to keep them off the books and not official employees. no m Taxes is a broad term. Are we talking about income tax only? If that's your question, then the answer is "yes"!!!! A definite "YES"!!! You calculate their tax base and 1099 them at an amount that they have no tax to pay. Every little bit helps, I know what you're after. The common idea in business is to spread the money out so you don't end up in a higher tax bracket. Also, use IRA's and every other way to keep your income out of those tax brackets which make us all have sleepless nights. Good luck. |
| Tags |
| tax table tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax estate tax |
SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR For personal non-commercial use only. |