Ideas to increase and protect your wealth

Article Abstract:

Business owners can enjoy certain tax privileges if they hire their children to work for them. However, employers need to comply with two IRS requirements when they recruit their own children. They must provide their children with reasonable wages and see to it that the newly-hired workers actually fulfill their job responsibilities. They should also refer to the IRS's guidelines regarding student-workers' federal income tax when computing the costs and savings of hiring their children.

Human resource management, Family-owned business enterprises, Family-owned businesses, Students, Part-time, Part time students

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Ideas to increase and protect your wealth

Article Abstract:

Companies need to familiarize themselves wih the different IRS regulations that govern various business transactions to ensure profitability. They should understand regulations pertaining to stock purchases, tax deduction eligibility, joint accounts, retirement planning and privileged information. A discussion of some of the key considerations for each type of business transaction is presented.

Tax Law, Public Finance Activities, Management, Laws, regulations and rules, United States. Internal Revenue Service, Buy-sell agreements, Society of Automotive Engineers, Netherlands Antilles

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