They come around at the same time every year, but it still seems like everyone is surprised to see them, and even more surprised when the deadline creeps up on them. Taxes have to be done, but not everyone is as experienced in tax laws and regulations as us.
McCullough & Associates, LLC knows how to make your taxes work for you, both in the personal and business setting. We know how to make sure you get the most benefit from your taxes while ensuring you abide by all tax procedures.
Are you employing family members to work for your business?
Another way to reduce the overall family tax bill is by employing family members to work in your business by shifting income to them and providing them with employment benefits.
Reasonable wages paid to your spouse entitles you to a business deduction. Although the wages are subject to income and FICA taxes, your spouse may qualify for Social Security benefits to which he or she might not otherwise be entitled.
By employing your child, the income tax advantages include obtaining a business deduction for a reasonable salary paid to that child, thus reducing your self-employment income and tax by shifting income to the child.