Can You Really Hire Your Kids?
This is a great tax planning strategy and an overall win-win for your business and your kids!
You get a tax write-off for the pay you give them and in turn, your kids can use that income tax-free to help pay for their day-to-day needs.
What better way to foster entrepreneurship into your child then to get them involved in your business?
You can technically hire other family members as well, if you don’t have children, if their pay is less than the Standard deduction amount of $12,950 for 2022 and they aren’t receiving income from anywhere else.
If you have more questions about this click the link in our bio to set an appointment.