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#503 Hire Your Kids To Save THOUSANDS In Taxes... Here's How

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Manage episode 420812387 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

In this episode of the Main Street Business Podcast, host Mark J. Kohler breaks down the steps to successfully bringing your kids into the business fold and how this move can teach them crucial work ethics and provide substantial tax benefits. Explore detailed, actionable strategies that ensure your family capitalizes on every opportunity.

Here's what you can look forward to:

  • Mark begins by emphasizing the significance of getting children on payroll.
  • Unpacks the motivations for teaching children work ethic and business principles.
  • Importance of legitimizing children's involvement in the business.
  • Details on setting up a family support company for S corporations.
  • Ensure children over 18 are added to the board of directors or advisors and are issued 1099s or W-2s as appropriate.
  • Thoughts on the importance of financial education for children.
  • Advice for tax advisors to learn and implement these strategies.
  continue reading

Chapters

1. #503 Hire Your Kids To Save THOUSANDS In Taxes... Here's How (00:00:00)

2. Paying Kids (00:00:01)

3. Tax Strategies for Paying Kids (00:07:20)

4. Get Involved With Trifecta Tax Plan (00:17:07)

623 episodes

Artwork
iconShare
 
Manage episode 420812387 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

In this episode of the Main Street Business Podcast, host Mark J. Kohler breaks down the steps to successfully bringing your kids into the business fold and how this move can teach them crucial work ethics and provide substantial tax benefits. Explore detailed, actionable strategies that ensure your family capitalizes on every opportunity.

Here's what you can look forward to:

  • Mark begins by emphasizing the significance of getting children on payroll.
  • Unpacks the motivations for teaching children work ethic and business principles.
  • Importance of legitimizing children's involvement in the business.
  • Details on setting up a family support company for S corporations.
  • Ensure children over 18 are added to the board of directors or advisors and are issued 1099s or W-2s as appropriate.
  • Thoughts on the importance of financial education for children.
  • Advice for tax advisors to learn and implement these strategies.
  continue reading

Chapters

1. #503 Hire Your Kids To Save THOUSANDS In Taxes... Here's How (00:00:00)

2. Paying Kids (00:00:01)

3. Tax Strategies for Paying Kids (00:07:20)

4. Get Involved With Trifecta Tax Plan (00:17:07)

623 episodes

All episodes

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