Instead of giving your kids an allowance, hire your kids to work in your part-time business and pay them an actual salary.
With this scenario, you get two benefits for the price of one — you get to keep the dependency exemption, PLUS you get a tax deduction for the salaries you pay your kids. It’s an easy, legitimate way to beat Uncle Sam at his own game. Take advantage of it!
http://www.dolans.com/article/60846/12-Ways-to-Save-Money-on-Life-s-Necessities/?textpage=12
How to Save Money on Taxes
Most of us grumble about paying our taxes, but the odds are good you’ll be overpaying them at some point in your life.
Case in point: Your property taxes. Find out if you’re overpaying by first visiting your local tax assessor’s office. Get a list of all the tax exemptions to which you’re entitled, along with a copy of your “property record card” and the assessed value of homes in your area.
Then look for mistakes in your assessment. If you find a mistake, submit an appeal. It’s that simple and it can save you quite a bit every year and over time.
