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Involve Your Family - and Save

Involve Your Family - and Save

If you own your own business and your spouse, your children, or other relatives help with some aspect of your business, consider paying them for the work they perform. (Or consider hiring them to perform certain tasks.) Not only will you help them learn about the value of work, but you may be able to reduce your overall tax liability. Children, for example, are typically in a lower tax bracket (and in some cases will pay no tax at all.)

By shifting income to a spouse or family members you should be able to cut your overall tax bill – and show your family you value their contributions to your business.

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