The Tax Advantages Of Hiring Family Members
Financial Advisor
Jeff Stimpson includes Kris Yamano, partner at Crewe Advisors, in his article on the tax advantages of
hiring relatives. Yamano explains that hiring a family member could help individuals and business owners
minimize their tax liability. “According to the IRS, hiring family members is one of many advantages of
owning and operating your own business. If done correctly, hiring a spouse, parent, sibling or child can
enable a family to increase retirement savings and potentially reduce overall tax liability. You just need to
ensure that they’re a bona fide employee — that is, they add value to the business for a reasonable
wage,” explains Yamano.
