Continued from page 1
The IRS also allows all medical benefits provided by a business to its employees to be claimed as tax deductions, so if your child is your employee and you have to pay for his or her braces that hefty expenses can be completely tax deductible. Even if your child is covered by your spouse's insurance plan, you can claim all co-payments or non- covered medical charges. There are no minimum or maximum levels either: every dollar you pay out can be counted as a tax deduction. However, your policy for covering these expenses must be in writing and copies of all receipts and bills should be maintained for your business records.
Besides
obvious benefits of being able to write-off these costs, hiring your child as an employee can have other positive effects. You will save time because of
additional help your new staff will provide. While they handle
menial duties, you can concentrate on running a successful business and earning more money. And with your children on
staff and on
payroll, they - and your spouse - will be more likely to support your venture. There's also no better way to teach your children
value of money than by having them work for it and get Uncle Sam to pay for it.
-----------------------------------------------------------------
Discover little known but highly lucrative tax advantages you can legally claim as a home based business owner by visiting http://www.homebusinesstaxsecrets.com Get
FREE REPORT: "5 Hidden Tax Dangers..." that shows you how to save $1000's in taxes and avoid costly audits.

Discover little known but highly lucrative tax advantages you can legally claim as a home based business owner by visiting http://www.homebusinesstaxsecrets.com Get the FREE REPORT: "5 Hidden Tax Dangers..." that shows you how to save $1000's in taxes and avoid costly audits.