I can tell this person has never been audited . Stop listening to people who tell you that a 12 year old can earn 12,500 of tax free money. Tell me what State legally allows a 12 year old to work? The IRS follows state laws
2 Questions. If you and your wife are business owners, can the child work in both businesses? Also, is there an age when this cuts off. Does this apply to college age kids?
Yes, but the child has to make less than $12,950 between both businss for 2022. If you pay them more, add the kid as a shareholder/partner depending on structure and offset the overage with applicable expenses.
@@BeforeYouGoPro yes. I just did this for a client yesterday. If over 18, They'll report the income as self employed income and then you can offset the income with applicable expenses.
***This past few days watching my crypto portfolio decline is very disheartening. Holding doesn't really profit much. Any idea on how to earn better in the short run?***
WHERES THE INFOGRAPHIC AND/OR RESOURCES DATABASE for us to practice and learn? I was hoping for more information as opposed to watching you all talk in circles