Hiring Your Kids and Saving Taxes - Everything you need to know!

This video covers everything you need to know about hiring your kids in your business and exactly how much money you can save.

Get access to Gusto (the payroll software I recommended at the end) with a $100 or $200 gift card:

0:00 Introduction
1:24 Does paying your kids save taxes?
1:45 Is paying your kids to work a tax write-off?
2:10 What are the tax benefits of hiring your kid?
2:20 Income tax break-down
3:58 Misunderstanding about why paying your child SAVES income taxes...
6:18 Does my child pay Payroll or Self-employment Taxes (Ie. Medicare and Social Security tax)?
7:30 Does Unemployment Tax apply to my child? Federal and state unemployment tax (FUTA/SUTA)
8:07 Example tax savings calculations - LLC, sole proprietor, S-corp examples
11:52 Requirements for your children to qualify as employees
12:45 6 reasons why paying your child is denied by the IRS (costing you interest & penalties!)
14:24 Do I have to file a W-2 for my child?
14:40 Steps to hire your child as an employee in your business.
15:46 How to request to file annual payroll form 944 instead of quarterly tax forms 941s.
16:22 How old does my child need to be to work in my business?
17:02 My recommendations: Paying Owners & Workers course and Gusto payroll software

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[TheStressReleaseProject]

Thank you so much! You really make these complex tax situations very clear and actionable!

[thehustlenetwork]

Great video. I’ve been wondering how to pay my daughter for my cleaning company.

Thanks for the this video!!

[thehustlenetwork]

Now is it too late for me to hire my daughter as its passed Jan? Sorry was a little confused on that oart

[nickj]

Thx for the info. So if I’m paying my minor (via llc) less than the standard deduction, do they have to file a tax return?