Happy Thanksgiving and Update on Kid’s Wages Post
Some of my fondest memories as a child was going to my grandparent’s house for Thanksgiving. My mother was the oldest of 12 kids and many times we would have 30 to 40 people at the house. The best thing was my grandmother’s pumpkin and apple pie. I know if she was still alive and making pies, I would be 20 pounds heavier.
I just want to wish everybody a safe and happy Thanksgiving.
On my last post, I got an e-mail regarding a clarification that the children need to be under age 18 to be exempt from FICA taxes and under age 21 to be exempt from FUTA taxes.
Also, the income that the children earn can affect their financial aid if they elect to go to college and wish to receive financial aid.
As with any of my posts, you need to check with your tax or financial advisor before implementing any suggestions that you might see on the site. I hope to help all farmers with their finances, but want to make sure the advice is followed correctly.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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