Manage episode 232018640 series 1923829
In episode 150 of Financially Simple, Justin looks at how and why you might imply your children in the family business.
If you’re paying your kids pocket money for doing a few household chores, maybe consider hiring them and paying them a salary instead! Justin takes a look at the IRS tax code, and explains how you can employ your children giving them and your business significant benefits.
ARTICLE TRANSCRIPT: https://financiallysimple.com/tax-benfits-hiring-your-child-in-your-business/
00:53 - Should I Pay My Children From The Business?
01:28 - Why You Might Want To Hire Your Children
03:12 - The Strategy
04:22 - What The Internal Revenue Code Says
08:17 - Keeping It All Legitimate
10:42 - Is It Worth It?
14:02 - The Corporation “Problem”, and its Simple Solution
14:52 - The Payroll Tax Workaround For Your Children
16:44 - The Bottom Line
17:29 - Wrap Up
The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.
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