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EXPERT TAX TIPS - STAY IN THE KNOW


Tax Talk Thursday: Payroll for Family Members - Compliance and Audit Risks
Putting your spouse, child, or parent on the payroll is one of the most common — and most misunderstood — small business tax moves. Done correctly, family employment can shift income to lower tax brackets, unlock retirement plan contributions for a minor, and even eliminate certain payroll taxes entirely. Done carelessly, it's one of the fastest ways to draw an IRS examination, because the family relationship itself is a built-in audit flag.
Aug 136 min read
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