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How to pay my underage son for farm labor so he doesn’t have to pay taxes
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paul the original
Posted 7/2/2022 19:49 (#9731142 - in reply to #9730937)
Subject: RE: How to pay my underage son for farm labor so he doesn’t have to pay taxes


southern MN
You want it as an expense for you but not an income for him.

That doesn’t work.

You have to give those 2 options up. Cash under the table can’t get recorded and claimed. Not going to work that way, anyhow without being big enough to have a slush fund to work through.

Typically one pays a little less as no taxes are removed, so both sides are good with the deal as it costs a little less and the actual income is a little greater without the tax effects.

Ethics aside.

Paul

Edit: Typically a youngster is on a low tax rate, so it works out to pay as you did and use your personal money to pay him. It reduces your probably higher tax rate to his lower tax rate. Saves some taxes in the family but keeps things legal ish.

Edited by paul the original 7/2/2022 19:51
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