Business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While owners save on payroll taxes and lower some costs, the kids also benefit. They can gain on-the-job experience, learn practical skills and at the same time learn how to manage money. A sidebar notes that earned income can help young workers get an early start on funding a retirement plan.
Taxpayers who have filed their 2021 tax returns may be eager to start clearing out some tax-related paper clutter. Paring down is a good idea, as long as essential records that may be needed in the event of an IRS audit are kept. Some documents may help with collecting a future refund or assist taxpayers with filing next year. This article provides an outline of the documents that should be kept — for how long — and the papers that can be thrown away.
Everyone loves a juicy tax refund, but why wait to receive the money? By adjusting one’s withholding and/or estimated tax payments, a taxpayer can enjoy that money throughout the year. This article lists some circumstances under which adjustments are particularly advisable and explains how to make changes.
Among the many challenges of parenthood is what to do with the kids when school lets out. Parents who choose to send a child to day camp may qualify for a valuable tax break: that is, the child and dependent care credit. This article explains why tax credits are so valuable and how eligibility for this one is determined.