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1 reply

Terri Lynn 11
Terri Lynn 11
May 22, 2024

Hello mideco 25, thanks for joining us!

You asked, if there were any advantages to employing family members.

Yes, there can be some advantages to hiring certain family members.  If you are self-employed or own a business, you can hire your children.   This will allow you to  deduct the wages, you pay them as a business expense, while also lowering your overall taxable business income.

 

For more information on the tax treatment of family membs working in the family business, please refer to:

Employing Famiy Members 

 

Hopefully this helps!

Terri Lynn, EA 

Terri Lynn
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