Planning Retirement For Your Child
When paying wages to children to work on the farm, also plan their retirement by starting a Roth-IRA. Set up a Roth-IRA for your children, fund it annually (as long as you pay them wages and issue a W-2) and…
Tag Farm wages
Paying Farm Kids for Farm Work, Part III
Farm children of any age working in mom or dad’s farm operation provide more tax opportunities for farmers. Farmers can pay reasonable wages in the form of commodities to their children (for farm work) and reap family tax savings. Children…
Paying Farm Kids for Farm Work, Part II
Farm children 18 years or older working in mom or dad’s farm operation provide more tax opportunities for farmers. Schedule F and corporate farmers can pay reasonable wages to their children (for farm work) and reap large family tax savings.…
Paying Farm Kids for Farm Work, Part I
Farm children under the age of 18 working in mom or dad’s farm operation provide tax opportunities that often get overlooked. Schedule F farmers (sole-proprietors) can pay reasonable wages to their children (for farm work) and reap large family tax…