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Limited Liability Companies Offer Tax & Legal Advantages Limited Liability Companies Offer Tax & Legal Advantages   Save Taxes by Employing Family Members Employing family members (usually children or grandchildren) who are in a lower tax bracket than the business owner can shift taxable income to those individuals, thus reducing the family's overall tax burden. Not only is income shifted from the parent to the child, if the child is a minor, payroll taxes can quite often be avoided. In addition, the child's compensation is earned income, which allows the child to contribute to an IRA.   Lower Your Taxes with Section 179 Deduction Internal Revenue Code Section 179 allows a taxpayer to expense up to $102,000 of qualifying property placed in service during 2004 and 2005 (adjusted for inflation in 2005). After 2005, the annual limit will be reduced to $25,000. The $102,000 limit is reduced dollar-for-dollar (but not below zero) to the extent the taxpayer purchases more than $410,000 of qualifying property in 2004 and 2005 (adjusted for inflation in 2005).