#taxdebt
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If you pay them a fair market wage and provide them with an employer/employee contract along with a job description, you can deduct the wages from your business income as a legitimate business expense. This will not only reduce your taxable income, but the income received by the child is most likely tax free.
It is important to keep accurate records and track the time your children work for your business. Ensure that the job description you provide explains what tasks are to be performed in detail and pay them a fair wage. This will provide protection in case of an audit so you can prove that you are abiding by all regulations.
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It is important to keep accurate records and track the time your children work for your business. Ensure that the job description you provide explains what tasks are to be performed in detail and pay them a fair wage. This will provide protection in case of an audit so you can prove that you are abiding by all regulations.
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It may be a legitimate option if you can't pay your full tax liability or doing so creates a financial hardship. The IRS considers your unique set of facts and circumstances:Ability to payIncomeExpensesAsset equity Follow us for more info about the how to get rid of your tax debt.#irs #tax #t axdeb t #taxes #taxpro #taxres olution
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This IRS (Internal Revenue Service) tax debt forgiveness can be life-altering for many and allows those who have been suffering from financial hardship to resolve their tax issues and have the confidence to plan for a more secure future. #irs #tax #taxdebt #taxes #taxpro #taxresolution #taxtok #taxnews #taxrelief
#duet with @ethshah It's important to keep in mind that everything you post online can potentially be seen by the IRS. While it's ok to share your successes, just understand that there could be consequences for not reporting all of your income properly.
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This IRS (Internal Revenue Service) tax debt forgiveness can be life-altering for many and allows those who have been suffering from financial hardship to resolve their tax issues and have the confidence to plan for a more secure future. #irs #tax #taxdebt #taxes #taxpro #taxresolution #taxtok #taxnews #taxrelief