Family Tax Returns
Minimize your taxes considerably by preparing your family’s tax return together. Let us coordinate your family’s tax return and start saving today.
While filing separately may divide your income and make you eligible for additional deductions, filing as a family instantly provides you with a wide range of family-related tax credits and deductions. When you’re ready to start optimizing your family’s tax return, reach out to your Optimize Advisor and start the process today. We pride ourselves on making the process as simple and effortless for you and your family as possible. The below deductions and tax credits are just some of the many advantages of filing your tax return as a family.
Pay Family Members a Salary
If you are self-employed and your spouse and children help out in the business, consider paying them a reasonable salary. Salaries or wages paid to them will reduce your net business income which is otherwise taxable to you personally.
If you have children, grandchildren, nieces or nephews with little or no income, you may wish to consider establishing a family trust to shift investment income that would otherwise be taxed in your hands.
The Child Care Expense Deduction
Parents which need to pay for child care expenses in order to go to work or school can deduct child care expenses from their income.
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