In October, MGI Worldwide hosted their annual Global AGM in Rome, Italy. The conference featured everything from social and cultural activities to insightful speakers and workshops to enhanced interactions. Among many insightful speakers, our Tax Partner Richard Huffman was featured as one of AGM’s speakers over the course of the conference. This year, MGI Worldwide chose Richard Huffman as one of the partners with inspiring stories about the ways in which MGI membership has helped them and their businesses. Many of the other speakers, including Richard, featured stories of collaboration, tech innovation, automation and succession planning. Richard’s story in particular
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Save On Taxes By Hiring Your Child as an Employee
As a parent and business owner, you’re always looking for ways to optimize your finances while providing opportunities for your family. One savvy tax-saving strategy to consider is hiring your child as an employee in your business. You can pay each child you hire up to $14,600 in 2024 without them owing any federal income tax plus your business can deduct those wages as a business expense. Not only does this arrangement provide valuable work experience for your child, but it also offers significant tax benefits for your family. In this article, we’ll explore the advantages of hiring your child
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