The tax implications of hiring your child

05/12/2013 | Fox Business Small Business Center

If you hire your child, you might be able to avoid withholding Social Security and Medicare taxes on his or her wages, Bonnie Lee writes. However, it's important to pay him or her a reasonable salary and keep records to document the arrangement. "No matter the age of the child, be sure to formalize the business relationship or payment to the child to avoid any problem during an audit," she recommends.

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