If you have your own business and you’re making money, you’re probably giving some of that money to your children. That could be by giving them an allowance every month, savings account, or paying for their college, etc. By hiring your kids in your business, you could be giving them that “allowance” or money [...]
What is an LLC? An LLC is a entity structure where the owners are not personally liable for the company's debts or liabilities. What is an S Corp? An S Corp can be set up either as an LLC or a corporation. Then the IRS tax election can be made to adjust how the [...]
If you own a business you know that when hiring independent contractors, a 1099 form must be given to them by the end of the year. A 1099 form is used to report to the IRS how much money was paid to that contractor throughout the year. It’s important to note that a 1099 [...]
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