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North Central KS | My wife and I are expecting our first child here soon and was wondering what tax advantages people have found for their farm kids? I have heard of paying wages to your child even at a young age, writing those wages off on the farm, and then somehow your kid doesn’t have to pay taxes until they’re 18? Also looking for ideas on what others have done for their kids to save up a college or career fund. Savings account is all my parents did, and while I’m grateful, I hope to be able to take advantage of the time better than a savings account for them. Thanks for any input! | |
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New Dad: Tax Savings and College Investing Ideas
