Keeping the Finances in the Family

By: Erin Tate
By: Erin Tate

If you're a small business owner, tax pro's say hire them.

By putting your kids to work for you on legitimate tasks at a reasonable wage, the tax benefits to your family could include medical expense deductions, child tax credits, educational credits and unemployment exemptions.

Your child's wages will probably be tax-free and you'll get significant tax savings, too. Accountants say it's a smarter financial move than just giving your kids an allowance.

Ron Cereola, a JMU Business Professor, says by employing your child, "You've done the child a great service and eased the family burden a little bit."

Cereola suggests consulting with your financial advisor before hiring your kids.

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