You might have heard that hiring your kids to help out is a great way to save on taxes if you have your own business, and it’s true!
It seems like a no-brainer but before you rush to get them on payroll, there are important rules to know.
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S corporations are a popular type of entity structure for good reason. S-corps are pass-through entities which means federal tax is paid on profits at the individual rather than the corporate level.
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Tax is hard to navigate because it’s often vague and filled with caveats. Our new blog series, Tax Truths, dives into questions we see that commonly receive misleading answers. We’ll kick things off with a popular one for business owners: “Can I deduct this?”.
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