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Tax Season - Like Christmas, but you get robbed instead [2010 Edition] - Page 4

post #46 of 50
Thread Starter 
Quote:
Originally Posted by harvey_birdman View Post

I tried to evade best I could, still owe. Goddammit I need some fake dependents I can claim.

i know people in the hood who keep claiming each others children in order to do this haha and people wonder why some welfare recipients don't move out of welfare ... nice and comfy !

i'm starting to doubt some of the stuff i put on there, but turbotax asks the questions in such vague manners so i guess it's fine

all i can say is thank goodness for trade embargoes and multiple passports
post #47 of 50
Heres a nice one Im using this year. Hire your kid and fill their roth ira.

*Children working for parents dont pay fica on the first appx 5k. Nor will they owe income tax on such a small amount, so its basically a tax free transfer.
*Earned income lets the kid use the roth ira.
*The pay is also a deductable business expense for the parent.
post #48 of 50
^ compensation would need to be competitive for this to work. If you "hire" your kid to mow your grass for 5K, the IRS would see that as a $4,980 gift.

But if you've got some legitimate work that you want to hire your kid to do this seems like a good idea.
Edited by RedLantern - 3/3/13 at 5:00pm
post #49 of 50
le sigh........... is all i have to say.
post #50 of 50
Thread Starter 
Quote:
Originally Posted by Pennglock View Post

Heres a nice one Im using this year. Hire your kid and fill their roth ira.

*Children working for parents dont pay fica on the first appx 5k. Nor will they owe income tax on such a small amount, so its basically a tax free transfer.
*Earned income lets the kid use the roth ira.
*The pay is also a deductable business expense for the parent.

how old does a kid have to be for this to work ? of legal working age, i would assume..?
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Styleforum › Forums › Culture › Business, Careers & Education › Tax Season - Like Christmas, but you get robbed instead [2010 Edition]