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Training for Success with Your Internet Business Buccaneers Mike Edwards 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 Buccaneers Jamel Dean 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 Buccaneers Sean Bunting 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 Buccaneers Devin White 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 Ali Marpet Color Rush 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 Donovan Smith Color Rush Jersey , however, delete the resource box link.


Stories from The Road to Success is Paved with Failure, By Joey Green: ? In 1957, Don Hewitt, who went on to become executive producer of the CBS hit ?60 Minutes,? told Barbara Walters to 'stay out of television.? ? Elton John's first single Noah Spence Color Rush Jersey , ?Come Back, Baby? released with his band, Bluesology, never made it to the charts. He failed his audition for Liberty Records and his 1968 debut album ?Empty Skies? flopped. ? Dustin Hoffman dropped out of Santa Monica City College. Unable to find an acting job in New York, he worked as a janitor and an attendant in a hospital mental ward.


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Each of these celebrities went on to become world famous in their chosen professions. The success we attribute to each of them today was hard won. What if Barbara Walters had taken Don Hewitt's words to heart? What if Elton John had seen his audition and the flop of his debut album a sign he should give up? What if Dustin Hoffman had stayed put, working in the hospital mental ward?


The trick is to pursue your career and lifestyle aspirations and not give up! The barriers can seem insurmountable ? yet the world is diminished when we don't follow our destiny.


Confront real Vernon Hargreaves III Color Rush Jersey , imagined barriers


In his most recent book, Second Acts: Creating the life you really want, building the career you truly desire, Stephen Pollan lists 12 common barriers to entry people face forging new directions after discovering their work unfulfilling:
? Age
? Money
? Duration (amount of time to get into it)
? Consent of others (spouse, other family members)
? Location
? Physical condition (for example, body build to be a basketball player)
? Education and training
? Timing
? Esteem
? Fear of failure
? Fear of Success
? Fatalism (thinking destiny is fixed)


Which of these barriers do you face in fulfilling a career aspiration? Many seem larger than they really are because of our own internal barriers.


For example: Perhaps you think you are too old to pursue a particular career direction. Is that truly the case or have you made your mind up without doing the research necessary to determine whether your hunch is entirely true? What if your age actually could be an advantage Kendell Beckwith Color Rush Jersey , setting you apart from others?


Remember feisty octogenarian Clara Peller who asked ?Where's The Beef?? in the Wendy's commercials in the 1980s? Her age made her a cult figure, adding to the impact of her persona in those television commercials. More than 15 years after her death, her name comes up today in a Google Internet search, in German, Chinese and English.


What if money is the barrier that keeps you from pursuing your most fulfilling dreams? Next to age, money seems to be the barrier of greatest concern to people considering a new career direction Chris Godwin Color Rush Jersey , Pollan says. As with age, we may wrongly conclude that money is a . Cheap NCAA Jerseys Cheap Jerseys Wholesale Cheap MLB Jerseys From China Wholesale NFL Jerseys Free Shipping Wholesale NFL Jerseys Cheap Wholesale NFL Jerseys Free Shiping Wholesale NFL Jerseys Online Cheap Jerseys From China Cheap Jerseys Free Shipping Wholesale Nike NFL Jerseys