No payment for either Social Security or Self-Employment taxes. They can set you up to deduct the health insurance you're already buying for your child, spouse and yourself. Believe me, even with the increase in the amont self-employed people can take as an adjustment to income, you're better off reducing your business profits. Buy an IRA for your child - put savings away for college. Incidentally, this only works for sole proprietors.
Family members working for partnerships and corporation pay all taxes and withholding.
If you had any foreclosures, relief of debt, Schedule C's with losses or anything unusual, start getting your records in order. W-2's to employees Send out 1099's to consultants, etc. Due, or File First Extension Eva Rosenberg, EA, MBA, has been preparing taxes long enough to remember income averaging and interest deductions. She has taught at UCLA, USC, UCI, CSUF and is a sought-after speaker at conventions, tax seminars, workshops, radio and television. Eva is frequently consulted by EAs, CPAs, attorneys and her former students regarding audits and Tax Court petitions.