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The health care reform legislation that was recently enacted includes new taxes, but there are also some tax breaks available to help small businesses pay for health insurance. Two of the changes getting a lot of attention: a tax credit available to small businesses that offer health care coverage to employees, and a tax to penalize employers who do not offer coverage.
Does your child need a job this summer? Do you own a business and need some summertime help? If so, consider hiring your child. There may be some exceptional tax benefits for you. If you own an unincorporated business and you employ your child under age 18, their wages are not subject to social security taxes.
Year-end tax planning could be especially productive this year, timely action can get you tax breaks that won’t be around next year unless Congress extends them.