CONTACT US
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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
Your Business...Your Family...Our Concern
Looking to keep your kids occupied after school, on weekends, or during school breaks? Depending on their age and abilities, think about hiring them to work for your business. Both you and the child can benefit.
For you personally, you’ll know where your child is and what they’re doing and gain the satisfaction of seeing them grow in confidence and ability.
And because your child will have earned income, you can contribute to an IRA for them subject to the IRA contribution limits.
In addition, as with any employee, your business can deduct the child’s salary and potentially lower taxable business income. The child gets a tax break, too. They won’t have to pay income tax if their income for the tax year is less than the standard deduction amount for that year ($14,600 in 2024).
While children are generally allowed to work for a business owned by their parents, be aware of child labor laws prohibiting children under certain ages from working in certain jobs.
Talk with your tax professional before hiring your child. Rules may vary by business type.
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