Tax Pro Plus
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- Tax Breaks for Hiring Your Children in Your Family Business
- Assuming a child is suitable for the job, a reasonable salary paid to a dependent child who is under the age of 19 or a full-time student under the age of 24 reduces the self-employment income and tax of the parents (business owners) by shifting income to the child. In 2023 the child can earn up to $13,850 tax-free, and the next $11,000 is only taxable at 10%. Plus, children under 18 are not subject to payroll taxes.
- Employer-Offered Benefits That Can Save You Money and Taxes
- Employees should become familiar with and take advantage of the tax- and financially favored benefits offered by their employers. These perks may include tax-free health insurance coverage, matching contributions to retirement plans, tax-free education assistance, and more.
- The Story of Sam Altman: How One Outside-the-Box Thinker Turned OpenAI Into a Monster Success
- One must remember that OpenAI was not an overnight success. The backstory below.
- Video Tips: Watch Out for Employee Retention Credit Scams
- Be careful not to fall for Employee Retention Credit scams. Watch this video to learn more.
- Have You Gotten Bad Tax Advice?
- The U.S. Tax Code is used for more than just collecting taxes. It is used by the Government as a means of providing lower-income individuals with social benefits such as the earned income tax credit, child tax credit and health care subsidies. It also is used to promote government-sponsored programs such as combatting climate change through tax credits for electric vehicles, home solar installations, and home energy-saving improvements.
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