http://rioguzman.com/2010/01/26/doing-your-taxes-for-free-tax-exemptions/ This is just another Rio Guzman's blog Fri, 03 Feb 2012 19:32:31 +0000 hourly 1 http://wordpress.com/ http://rioguzman.com/2010/01/26/doing-your-taxes-for-free-tax-exemptions/#comment-659 Mon, 22 Feb 2010 19:36:17 +0000 http://rioguzman.com/?p=1776#comment-659 Hi Coletta! Thanks for your input. Feel free to put a link on your site.

]]> http://rioguzman.com/2010/01/26/doing-your-taxes-for-free-tax-exemptions/#comment-656 Mon, 22 Feb 2010 03:15:50 +0000 http://rioguzman.com/?p=1776#comment-656 I would have to comment this is an awesome piece of work. I say this deserves mentioning somewhere else. Would you mind if I placed a link on my site to this post?

]]> http://rioguzman.com/2010/01/26/doing-your-taxes-for-free-tax-exemptions/#comment-650 Thu, 18 Feb 2010 03:44:02 +0000 http://rioguzman.com/?p=1776#comment-650 Thanks for your input Brice! Keep in touch.

]]> http://rioguzman.com/2010/01/26/doing-your-taxes-for-free-tax-exemptions/#comment-645 Wed, 17 Feb 2010 02:33:17 +0000 http://rioguzman.com/?p=1776#comment-645 Hire your children – if you are self employed. According to Metwell.com you can pay your kid as much as $10,700 in 2009 with $0 tax on those earnings. The standard deduction of $5,700, and an IRA contribution of $5,000 will shelter the rest. You deduct the wage you pay in your bracket, and the child pays no tax. If you’re paying your own child, and you’re not incorporated, you don’t need to pay Social Security, Medicare or other payroll taxes. The courts have ruled that you may hire a child as young as 7 years old. If you’re in the 28% bracket and subject to self-employment taxes totaling 15.3%, the wages paid to your kids yield a 43.3% tax savings not including any state or local taxes. If you pay your 7-year-old deductible wages of $10,700, you save $4,633 and have set up a nice nest egg for your child. Thanks Uncle Sam.

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