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10 Tax Deduction Tips for Families

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4 Year-End Money Tips to Lower Your Tax Bill in 2020

4 Year-End Money Tips to Lower Your Tax Bill in 2020

Many Americans don't think about their tax bills until the new year. But there are things you need to do before Dec. 31 if you want to pay less later.


Author's Note: 10 Tax Deduction Tips for Families

As if just getting dependent deductions isn't enough, there's one other sneaky way to make the kids work for you: Literally hire them to work for you. If you're self-employed or run your own business, you can hire your kids as employees -- and you don't have to withhold Social Security or federal unemployment tax if they're under a certain age. Already pay their phone bill? Consider it their wages, and you can write it off on your taxes.

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Sources

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