Tax Tips – Business owners: Hire your kids to save taxes

Description

Abstract: This issue’s “Tax Tips” offers pointers about hiring one’s own kids to save taxes; rolling over amounts within certain employer-sponsored retirement plans — such as 401(k)s — from a traditional account into a designated Roth account; a Tax Court case that allows a gift’s value for gift tax purposes to be reduced if the recipient agrees to assume the donor’s potential estate tax liability; and meal and entertainment expenses that are 100% deductible.