Tax Planning Considerations for Your Business
A common priority for business owners is attempting to reduce their tax liability during peak earning and profit-generating years. Below are a few tips that may help you minimize the tax hit:
- Hire. Do you have children under the age of 18? For a sole proprietor, there are no payroll taxes payable on your children’s wages. Three to four children earning $5,000 to $7,000 per year could result in payroll tax savings of approximately $4,000 and Federal tax savings of up to $10,000. For S corporations, the Federal tax savings are still in play, but payroll taxes on children are required.
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