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Tax Strategies for Hiring Family Members

A History

Hiring family members is nothing new. For generations, small businesses have been passed down through the family line. Family farms, for example, might move from one generation to the next, with the new generation starting to work on that farm before they even turn 16.

It’s not just farming, either; many small businesses are really “family” businesses. Each member of the family participates in helping to make the business a success. For many families, this will not only help to grow the business, but may have a number of tax advantages, as well. Given the current tax code, there are some real advantages to hiring family members.

All of that said, there … Read more →

Keeping your business’ tax obligations in line can be a challenge. One of the biggest mistakes new businesses make – and one that is responsible for shutting down a significant number of new businesses – is not staying on top of employment and other tax considerations.

There are all sorts of resources out there on line that can get you on the right track, but some can be outdated and, in some cases, outright incorrect. The Internal Revenue Service website at IRS.gov provides small businesses with a number of types of service and information that can help you keep all of your ducks in a row.

Here are some of the resources you can check out at IRS.gov:

•Small Business … Read more →

The United States Internal Revenue Service requires that individuals file tax forms for various different types of economic activity. These forms can be printed out and filed as paper forms or filed online, using the IRS e-File option and FreeFile software. Below are listed some of the most important tax forms for individuals.

U.S. Individual Income Tax Return (Form 1040 series): If you are a United States citizen or have earned income in the United States, you need to file Form 1040, 1040A or 1040EZ. Form 1040, depending on your individual circumstances, must be accompanied by various “schedules” (A through SE) detailing specific types of tax deduction. Non-resident aliens earning United States income file 1040NR or 1040NR-EZ.

Form 1040: Use … Read more →

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