January 12, 2022
Now the kids just gotta raise. If you have your children on your payroll of your business and you’re utilizing the full deduction, you could pay them $12,550 in 2021. And they have no tax liability assuming that’s their only source of income.
Guess what? In 2022, they get a $400 raise that bump will go up to $12,950. So please up your kid’s pay for next year and take advantage of the tax deduction. Also while you’re at it, think about if they can set aside that money into an IRA. Did you know that if your child sets aside money into that IRA, they will be so far ahead of where you and I were at their age? And when they graduate college they’ll already have a good start.
It’s also a good educational factor to put aside the money and let them see what saving money does and help them start their savings plan today. So if you have questions about setting your kids up on payroll, make sure you let us know. We’d be happy to talk to you about that strategy as well as others that we share with our VIP clients to start your relationship with us today.
I’m Donna Bordeaux from CampgroundAccounting.com. Please follow us on Facebook and Instagram. Make sure you check out our blog and our website from the link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. To contact me, email me at firstname.lastname@example.org.
Donna Bordeaux, CPA with Campground Accounting
What happens when you send two CPAs out into the relaxing outdoors to camp? You get CampgroundAccounting.com. Donna and Chad have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They camp and travel across the country every chance they get, so it’s just a natural fit that they focus their CPA skills on helping campground owners throughout the USA grow their businesses and minimize the impact of taxes. They understand the key performance indicators and specialized issues that face RV park owners every day. </i