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July 2017


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The Deductr Newsletter is a monthly publication.

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 JULY 2017 NEWSLETTER

In This Issue:

  • LIVE Deductr Training Webinar - 7/25
  • Expense Tracking Doesn't Have to Be a Pain
  • Journaling to Better Entrepreneurship
  • Give Your Kid a Job! Child Wage Deduction
  • Laff Trax: Enjoying the Humor in Life

The Child-Wages Deduction: Give Your Kid a Job!

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If you have children under the age of 18 that you can employ to do work in your business, not only can you teach them some valuable lessons about work and money management, but you can take a great tax deduction that can benefit you in several ways. Deducting the wages paid to your child isn't the only benefit however, you can also eliminate the FICA and Medicare taxes on those payments unlike with adult employees.

You are also exempt from having to pay unemployment taxes on their wages. Since they can earn up to the standard deduction before having to pay any income taxes, you can pay them several thousands of dollars a year in wages and it will be tax deductible to you and tax-free to them.

Here's how you do it...

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