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Prepare to file in 2025: Get Ready for tax season with key updates, essential tips

https://www.irs.gov/newsroom/prepare-to-file-in-2025-get-ready-for-tax-season-with-key-updates-essential-tips

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Can I Hire My Child as an Employee?

If you hire your children as employees to do legitimate work in your business, you may deduct their salaries from your business income as a business expense. Moreover, if your child is under 18, you won't have to withhold or pay any F**A (Social Security or Medicare) tax on the salary, subject to a couple of exceptions.

These rules allow you to shift part of your business income from your own tax bracket to your child's bracket—which should be much lower than yours unless you earn little or no income. This tactic can result in substantial tax savings.

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