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

Main Street Business

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.

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Capitole

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)