Students and taxes

[fishinpox]

Child labor laws do not exist if it's your kid. I worked in my dads restaurants when I was in the 3rd grade . As far a 1099's , only 1/2 of my contracts 1099 my business when I do work for them . I still claim it all . The only reason it would benefit you if they didn't 1099 you was if they pay u cash and that cash didn't see the bank. Otherwise it's on paper so it's smart to claim it .now if you set up him as an employee with a retirement fund that wouldn't get penalized if taken out early for school you may be able to avoid some taxes by putting the majority of his "paycheck" in the retirement acct. not sure of the specifics though , I'd ask Casey or your tax accountant