↓
 

Lake Wylie Tax Service | Bookkeeping | Payroll Service

Lake Wylie Tax Service | Bookkeeping | Payroll Service

  • Home
  • About Us
  • Services
  • Information
    • Tax News
  • 2020 Tax Organizers
  • Tax Tips & Blog
  • Testimonials
  • Contact Us

Category Archives: Small Business Taxes

Big Tax Breaks for Hiring Your Children in the Family Business

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on July 17, 2020 by Lake Wylie Tax Services StaffJuly 17, 2020

Big Tax Breaks for Hiring your childrenWith jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business. Financially, it makes more sense to keep the family employed rather than hiring strangers, provided, of course, that the family member is suitable for the job. Note, however, that wages paid to children and other relatives aren’t eligible for the Employee Retention Credit created by Congress in 2020 as part of the COVID-19 emergency relief measures for employers.

Rather than helping to support your children with your after-tax dollars, you can instead hire them in your business and pay them with tax-deductible dollars. Of course, the employment must be legitimate and the pay commensurate with the hours and the job worked. The following are typical situations encountered when hiring family members.

Continue reading →
Posted in For Business, Small Business, Small Business Taxes | Tagged Covid-19, Employee

Day Care Providers Enjoy Special Tax Benefits

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 26, 2018 by Lake Wylie Tax Services StaffJanuary 23, 2020

daycare_providersA taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include the business use of their home and the cost of providing meals and snacks to children in their care. The following is a rundown on deductible business expenses for home day care providers.

Business Use of the Home – Generally, to be able to take a deduction for business use of the home, the tax law requires the business portion to be used exclusively for business. However, the tax law carves out a special allowance for day care facilities, allowing prorated use.

Continue reading →
Posted in For Business, Small Business, Small Business Taxes | Tagged Occupation, Tax Planning
© 2022 Lake Wylie Tax Service . - All rights reserved
Web Design and Hosting by Pro Impact, LLC
↑
Translate »