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Pay Your Kids = Save on Taxes

By Business, Payroll, Tax Strategy No Comments

By Sunny McIntosh Having kids can be such an amazing experience.  Kids enrich our lives with all sorts of predictable and unpredictable challenges.  But they can be really expensive!  If you own a business, consider hiring your kids.  Teaching them life lessons related to money starting young will not only be good for them, but also hopefully mean they won’t be living in your basement…

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Paying Yourself – Confused How It Affects Taxes?

By Business, IRS, Payroll, Tax Strategy, Taxes No Comments

If you operate as an S corporation, you have some different compliance hoops to jump through then if you were a sole proprietor or had created a partnership structure. One of those “hoops” is making sure you are paying a “reasonable” wage to yourself. The IRS says, “An S corporation shareholder who performs more than minor services for the corporation will be its employee for…

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