Best Tax Preparation Services in Goodyear, AZ

Saving Taxes by Paying Your Children a Salary:nnMost business owners and real estate agents are unaware that you can pay your children a salary to help with small tasks in your business and deduct it as a business expense. You are not required to issue your children a W2 or withhold income taxes, social security taxes or Medicare taxes if the payments are less than the standard deduction of $12,950 for 2022. All you have to do is transfer money from your business bank account to your child's bank account and in the memo section write what services were provided for the payment. That means you can pay your child who is under 18 up to $12,950 (standard deduction) every year while deducting it as a business expense and he or she is not required to file a tax return or owe any taxes.