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Training for Success with Your Internet Business Josh Jacobs Jersey , Article 8, Salary Payments to Children. Home Business Articles | September 10, 2008

The eighth in a series of training articles entitled, Training for Success with Your Internet Business,? This article covers Payments to Children,? and is a must read for all business owners Clelin Ferrell Jersey , whether they are operating an on line home based business, or a regular home based business. The tips and suggestions are provided from real life situations as seen and experienced by the author.



Stop giving your child or children a non deductible allowance!? Instead, take advantage of one of the most remarkable tax-saving strategies available to home based businesses, one that is right under your own roof.? The tax saving strategy to which I refer is? perfectly legal in most tax jurisdictions.


Just employ, your son or daughter, under the age of 21 Derek Carr Jersey , in your business and pay him or her wages. (You could also hire your spouse, but your tax savings likely won't be as great.) How does this save you taxes?? Wages are taxed at your child's tax rate and receive the benefit of the full standard deduction.? Looking at this kind of action, purely from a tax point of view, it's better to pay a child wages than to give him an income-producing gift, such as shares in a stock mutual fund.


Furthermore, because your child's salary is deductible as a business expense Bo Jackson Jersey , you also reduce your net profit for the business and pay less tax. But that's not all.? Wages paid to your child are exempt from employment taxes.? The effective cost of employing your minor child rather than a non-family member is, therefore, much less. Further, paying your minor child a salary doesn't cost you his exemption, provided you don?t pay him or her too much.


When I say employ, above Hunter Renfrow Jersey , I mean that they must do something in and for the business such as photocopying, filing, making phone calls etc. and the payment made must be reasonable. Once again keep a log of the work that you are paying them to do, or keep detailed information on their time cards so that it is available for the tax authorities if they require them.


Although not essential, treat them like any other employee and pay them by cheque so that there is a paper trail of your transactions with them.


Note: Taxation legislation differs between countries and each country may change their rules at any time. The information provided in these newsletters is accurate at time of publication. You should however seek specific information from your Tax Advisor or Taxation Department as it relates to your own situation each year that you are required to provide Income and Expense Statements.


John Ritchie,?


Copyright to this article belongs to John Ritchie.?


? http:www.johnritchieonline


Having Fun Making Money.


You may download and distribute this article freely and without restrictions. You must not Oakland Raiders Jersey , however, delete the resource box link.

Be less concerned about marks in school subjects and more with marks in life skills.
Many parents work tirelessly (some even fanatically) to position their kids to get into the best schools possible. I have been witness to this many times. The belief is that the right school guarantees a great life.
Well, sorry to poke a spoke in your belief. This was true once upon a time. Like maybe, 15 years ago (till 2000). Today, rules have changed. Needs have changed. The world has changed.
Today, more and more organisations are demanding 鈥檒ife skill鈥?expertise. This includes soft-skills and communication skills and winning attitudes that many graduates simply don鈥檛 possess. To paraphrase a director of HR for a over 1000 people organisation Leonard Williams Jersey , 鈥淵oungsters are so rude. They are just not courteous. They look down or look away and speak. They are unable to have simple eye contact. They need a lot of comfort without willing to be responsible enough.鈥?br > Another research shows, most people do not know how to make someone feel comfortable.
Neither are most people good at smiling at people they meet for the first time.
Sadly, most people score poorly at appreciating people and things.
Finally, they do not want to assume responsibility for results.
Not surprisingly, nearly three-quarters of hiring managers complain that millennials 鈥?even those with solid college degrees 鈥?aren鈥檛 prepared for a job and lack adequate 鈥渨ork ethic.鈥?br > Frequently, it is being reported that opportunities are ready Jamal Adams Jersey , but kids aren鈥檛. Honestly speaking, I don鈥檛 know one employer who鈥檚 asking about CAT scores or GPAs in an interview.
How will you succeed if you are not good in all the above?
Childhood may be about safety and self-esteem, but as a child grows into an adult, life requires them to master more than school exams or video games or debates with parents or complaining about what鈥檚 wrong in their life.
Genuine growth is about building life skills that shape their identity, confidence, and potential success. In other words Sam Darnold Jersey , parent need not focus on gaining more marks, they need to make their kids adept at social skills and personal attitudes.
Growing up means venturing out, working and assuming responsibilities on their own. This means exposing them to situations where they might 鈥榝ail鈥?
Our failure to let them risk and build essential life skills may explain why so many people still haven鈥檛 truly tasted success. Focussing on life skills would have prepared them for decisions that refine and develop these qualities.
Do prioritise and ensure that your lifeline, your kids, gain not just marks but also life skills. Then, you would be a 鈥榃ow Parent鈥?
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