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One of the monetary benefits of having children is that you get to claim them as dependents when you file your income taxes. But business owners may be able to take advantage of another benefit: a tax deduction for putting your child to work.
Hiring your children to work in your business provides them with an opportunity to earn money while giving you a break on taxes. When you hire your children, you’re able to deduct their wages, lowering your business’s taxable income. However, payments for the services of a child are subject to income tax withholding regardless of age.
The IRS has strict rules for business owners who want to hire their children. If you fail to follow them, you’ll forfeit the tax deduction for their salaries and benefits.
Your tax professional can help you with the details of hiring your children and keep you from running afoul of IRS tax rules.
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