Own a business? Have children who are teens, college students or new grads? If you hire them this summer, not only can they benefit but you can enjoy tax savings, too. By shifting some business income to a child as wages for services performed by him or her, you can turn high-taxed income into tax-free or low-taxed income. For your business to deduct the wages, the work done must be legitimate and the wages must be reasonable. Depending on your business’s structure, you might enjoy employment tax savings, too. Additional rules apply; contact us for details.