summer job

Hiring your minor child this summer?

Hiring Your Minor Child this Summer? Reap Tax and Nontax Benefits

If you’re a business owner and you hire your child this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income,…

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teen summer job taxes

Your Teen, a Summer Job, & Taxes: What You Need to Know

When your teen joins the workforce, it can be a rewarding experience for both you and your teen. They gain some financial independence and learn some life lessons, and you as a parent have the opportunity to guide them through those lessons.  However there are some potential daunting tax issues that both the parents and…

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