Say Hello to My Little Employees: Tax Benefits of Hiring Your Kids Revealed!

Cha Ching Tax Savvy Moves

As I always say 'Hiring your child can be a tax savvy move.' Their wages can be deducted as a business expense leading to some serious savings for your little operation.

Triple Tax Trouble

There's a triple tax benefit for those kids: little to no taxes on contributions tax free growth and tax free withdrawals in retirement. It's like hitting the tax jackpot you know?

Watch Your Back Compliance Matters

Before hiring your children make sure to know the ins and outs of state and federal laws. Record keeping is key it helps you navigate the tax landscape and keeps you out of trouble believe me I know.

Work Hard Tax Easy

Remember your children must do real work for the business to keep things legal. Payment to children is subject to income tax withholding so don't try anything funny to avoid paying those taxes!