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Money with Michael

Time for the kids to go to work?

Did you know your child can be a dependent and have earned income of up to $13,850 and pay no federal income tax? This could mean that your child can enter the workforce while not affecting your tax filing. This also means that they can start contributing to their own retirement account such as a Roth IRA (consult your financial or tax advisor). For small business owners, this could also be an additional tax deduction.

https://www.accountingpersonalized.com/

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