Instead, if Jim hires his kids, making their wages a valid business expense, he saves about 30% on what he is paying them, by making sure their money is on the before tax side of the formula.
Sales minus Business Expenses (including paying the kids) = Profit. Profit minus tax = Jim's money.
Hire your children! | Managing Money
Posted by
nialldevitt under Taxes
From http://bloggertone.com 5474 days ago
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