YEAR END TAX PLANNING STRATEGIES


Paying Your Kids


THE ADVANTAGES OF HIRING YOUR MINOR CHILDREN

 

If you're a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or low-taxed income, and, depending on the situation, you may realize payroll tax savings. Perhaps best of all, your kids will spend time with you.


A LEGITIMATE JOB AND TAX SAVINGS, TOO

If you hire your child, you'll get a business tax deduction for employee wage expenses. In turn, the deduction reduces your federal income tax bill and possibly your self-employment tax bill and your state income tax bill if they apply. However, for the wages to be a deductible business expense, the work performed by the child must be legitimate and the child's pay must be reasonable.

 

Let's say you operate as a sole proprietor in the 37% tax bracket. You hire your 16-year-old daughter to help with office work full-time during the summer and part-time in the fall. She earns $10,000 during 2024 and doesn't have any other earnings.

You save $3,700 (37% of $10,000) in income taxes at no tax cost to your daughter. That's because she can use her $14,600 standard deduction for 2024 to completely shelter her earnings.

 

REDUCED PAYROLL TAXES

If your business isn't incorporated and certain conditions are met, your child's wages are exempt from Social Security, Medicare and federal unemployment taxes. Your child must be under age 18 for this to apply (or under age 21 for the federal unemployment tax exemption).

 

Be aware that there's no payroll tax exemption for employing your child if your business is incorporated or is a partnership that includes nonparent partners. And payments for the services of your child are subject to income tax withholding, regardless of age, no matter what type of entity you operate.

 

EXTRA TIME TO MAKE YOUR CHILD'S RETIREMENT GARDEN GROW

An early start on saving for retirement can be key to building wealth. A child who earns income from a job can contribute to a traditional IRA or a Roth IRA and begin funding a nest egg. For the 2024 tax year, a working child can contribute the lesser of his or her earned income or $7,000 to a traditional or Roth IRA. And the money may be tapped penalty-free for certain eligible reasons, such as paying education costs and making a down payment of up to $10,000 on a first home.

.

THE IMPORTANCE OF ACCURATE RECORDS

Hiring your child can be a tax-smart idea. Be sure to keep the same records (such as timesheets and job descriptions) as you would for other employees to substantiate the hours worked and duties performed. Also issue your child a Form W-2. Contact the office with questions about how these rules apply to your situation.

Have Questions? Schedule your Year End Tax Planning Meeting Now!


Click the link below to book your Meeting with me!


Book Now!

Featured Upcoming Community Event:


Jupiter Creamery's

Farmer's Market


When: December 14, 2024

Where: 185591 131st Trail N, Jupiter, FL 33478


Looking for a fun and vibrant way to spend your Saturday? Join us at Jupiter Creamery Farm from 10 AM to 2 PM for our Farmers Market! Explore an array of local produce, artisanal crafts, and delicious homemade treats. Wit music, and the scenic beauty of our farm, it’s a day out you won’t want to miss. Whether you're shopping for fresh goodies or simply enjoying the farm atmosphere, we’ve got something for everyone!


Vendors Wanted!


If you’re passionate about local products and want to be part of this exciting event, we have spots available for just $25.


Contact us @ event@nourishingfoodforthought.org to reserve your space and join the fun!

CLICK HERE TO LEARN MORE

The U.S. Misogynistic Collective Mindset:

A Cosmic Perspective and Call to Action


Examples of Misogyny as Defined in the Oxford Dictionary: Source Google

Using sexist nicknames or derogatory remarks

Seeking to control women's behavior

Using intimidating or humiliating behavior to undermine women


If you, take even just a short minute to consider these 3 references as being indications of misogyny I suspect you will discover disquieting examples of each of them can be easily sighted.

NOTE:. In this Mojo I explain why now (in the spirit of “Everything is timing”) is a particularly poignant and cosmically-relevant time to shed light on collective misogyny. FYI: The remarks and the opinions expressed in this article are my own and should not be regarded as a reflection of the management and/or staff of Financial Frequency.


Introduction

The premise of this article is based on my perception that misogynistic views and actions are common. Similarly, I see that very often the prevailing culture often turns a blind eye to misogyny. Thus, I see our nation as having a gaping spiritual wound. This, then, suggests there is a profound need for healing.


Enter Chiron, the Cosmic Wounded Healer


Chiron is a mythical centaur known in astrology as the Wounded Healer. In Greek mythology he is portrayed as a profoundly talented healer who was granted immortality in honor of his skill.

Unfortunately, he was inadvertently wounded by a poisoned arrow for which there was no antidote. Consequently, he gave up his immortality to avoid endless suffering. Chiron in the astrology birth chart of our nation (7/4/1776) represents a collective deep wound and source of pain that has the potential to cause endless pain. The grace Chiron offers us is that we can choose to follow Chiron’s example and elect to give up pain. Understanding of the placement of Chiron in a nation’s as well as individual’s astrology chart provides invaluable information about how and where there is the potential for healing and growth.


In the U.S. Chart Chiron is in Aries in the 4 th House. Chiron, in Aries, reveals that the identity and self-concept of the U.S. is wounded. Chiron, in the 4th House, relates to pain and woundedness related to the deepest values of the U.S. (For example: A value expressed in the phrase: “All people are created equal.” (Sidebar NOTE: If you are interested in learning about your Chiron the content and information shared at the conclusion of this article details an upcoming enlightening opportunity to do this.)


About Chiron and the Current Cosmic Favorable Times for Healing


Auspicious Astro-timing #1: Currently in the U.S. Birth Chart the Wounded Healer is passing through Aries in the 4 th House. Thus, it is in alignment with the underlying Chiron theme in the U.S, Natal Chart. Chiron, at this time, is in retrograde. This indicates a cosmically favorable time of re evaluating its influence on the collective as well as on you personally. It will be returning to be exactly where it was in the U.S. Chart on 7/4/1776 in mid-February of 2025. Thus, between now and then is an excellent time to pay attention and to become more aware of examples of the U.S. identity and misogyny. Awareness is the first and necessary step for change.

Auspicious Astro-timing #2: Chiron takes approximately 51 years to orbit the Sun. Thus, every 51 years there is a Chiron birthday. The next Chiron birthday occurs in February 2025. Now is an ideal time to re-evaluate (retrograde) how you wish (birthday tradition) and want to see positive change in how women are perceived and treated.


Auspicious Astro-timing #3: On 11/21/24 the Sun entered Sagittarius. The symbol for Sagittarius is the Centaur. This is also the symbol for Chiron. On 11/25/24 Mercury turns retrograde in Sagittarius. The retrograde lasts for 3 weeks. Retrogrades are excellent time to reconsider ways of thinking and acting. This is

an ideal time to observe what is and get clear about what you might choose to do to be an advocate for healing.


On Becoming More Aware of Misogyny and Its Negative Affects


Women: Take a moment to consider if have you consciously or perhaps even unconsciously underestimated your capabilities because you have believed in the prevailing collective miss alignment (mis-ognyny) with the true reality of who you are?


Men: Take a moment to consider how misogyny fueled underestimation of women robs you of benefits because women are consciously and unconsciously held back from being fully actualized?


I observe countless examples of rampant misogyny abounding in our culture. I also observe many examples of how the collective culture turns blind eye to this. And, of course, thus the question arises: WHAT MIGHT YOU DO DIFFERENTLY? Regretfully, I have no easy answers to share. Systemic pattern changes are challenging.


AND, HOWEVER, I find comfort in the awareness that centaurs are symbols of the concept that the seemingly impossible can be possible: Centaurs are half human, half horse – impossible. I suggest you explore learning about and being open to Chiron as a mental guide and inspiration to correcting misconceptions personally and collectively. There are numerous examples from history of the seemingly impossible becoming possible. Remembering awareness is the first step, I suggest you choose to be more aware. You might choose to start by choosing to consciously be engaged in taking blinders off.


An Opportunity to Get to Know Your Chiron: As a Guide to Making the Seemingly Impossible Possible


The winter session of High VIBE Mastery, facilitated by Nanette Saylor, Life Coach, and me begins on December 2, 2024. During this last session of 2024 we will be focusing on the theme: “STOP Self-sabotage and Create LUCK.” Understanding your Chiron including the soul chosen wound that you incarnated to heal will be an important component of the STOP Self-sabotage content of the program. On the LUCK front we will begin to explore female talents as revealed in understanding the nature of the goddess asteroids. (The asteroids were added to the astrological profile by women to enhance its celebration and honoring of women.)


The 2025 program will begin again in late January 2025. We will be offering monthly programming that compliments what will be shared in December. More information can be found on the following 2 pages. Questions: Contact me @ Hattie@hattieparker.com. (If you would like to talk in person feel free to request this and I will find a convenient time.) 





~Hattie


With Love & Gratitude,

XO


Jill & Team!

Facebook  Instagram