Hiring Your Kids Tax Strategy - Instantly Reduce Your Taxes

Hiring Your Kids Tax Strategy Explained! Save THOUSANDS by Hiring Your Children.

If you have kids under the age of 18 and a business, then you may have a HUGE opportunity to reduce your taxes.

And that is by hiring them in your business and placing them on payroll. Watch this full video for all of the details:

Why Hire Your Kids?: (0:00)
Tax Strategy Explained: (1:22)
Step 1: (3:08)
Step 2: (4:50)
When To Use FMLLC: (6:40)
Step 3: (7:36)
Step 4: (9:28)
Step 5: (10:19)
Step 6: (11:13)

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[Mobiledds]

This was phenomenal, so much misinformation out there regarding the proper way to do this, you laid it out perfectly

[ajsassafrass]

These videos have been wonderful. Thank you.

[JoelLopez-xckq]

This is awesome for small growing business

[TaxTimeForever]

Great video, all facts, well explained- I don’t think you missed a single concept

[eddyzeller]

What about stepchildren that aren’t adopted or if you’re their legal guardians

[AmyGrant-uoev]

Great video, thanks 🙏 I have a question, I have a single member LLC; I do not run a payroll, can I just write off my child’s wages as a labor expense on Schedule C and give them 1099-NEC? Thanks.

[mattcoursecareers]

Hey LYFE Accounting - CourseCareers sent you an email about a paid partnership. Did you get a chance to read it yet?

[mike]

Am I missing something? “the child is in a lower tax bracket”. The child isn’t in ANY tax bracket, they are on my tax return so I’m confused about that comment. They are on my tax return because they live with me, and under 18, and my dependent. So their income becomes my income.

[Grace-bktr]

What if I don’t have kids yet can I hire my nephews & niece?

[abdalmonemdoolaanea]

If the children have income and file their own tax, will the parents still eligible for children tax relief?

[damon-burton]

Hiring your kids can be a win-win. Not only does it offer potential tax benefits for parents, but it also teaches kids about work ethic and responsibility. What about self-employed parents versus those working for corporations?

[YouLikeThat]

Is it only for kids of your household? Or is it grandkids as well? Can it be anyone under the age of 18? Whats the IRS's determination of what a kid is when they implement this tax structure?

[silkemueller]

We hired our kids and one cpa said we cannot do that. Would i have to file taxes for my child that makes about 3k/annual?

[AmyGrant-uoev]

Great video, thanks 🙏 I have a question, I have a single member LLC; I do not run a payroll, can I just write off my child’s wages as a labor expense on Schedule C and give them 1099-NEC? Thanks.