A Smart Business Tax Strategy That Benefits the Whole Family

Running a business often means juggling financial decisions that affect not only your bottom line but also your family’s future. According to a recent article from Storen Financial, there’s one tax-saving approach that can do both: hiring your children to work in your business.

This strategy isn’t just about teaching your kids responsibility—it can also deliver real tax advantages. Business owners can pay their children reasonable wages for legitimate work, which allows income to shift from the higher-taxed business to the child, who typically pays little or no federal income tax. Plus, wages paid are a deductible business expense, reducing the business’s taxable income.

Storen Financial outlines key rules to follow, including setting age-appropriate tasks, keeping clear records, and making sure compensation is fair and compliant. Done properly, this approach can be a win-win: boosting family savings and benefiting the business.

To learn more about how to put this smart tax strategy into action, check out the full article here:
Read the full article on Storen Financial