The Truth to Hiring Your Kids For Tax Breaks #shorts

About Karlton Dennis

Karlton Dennis is the Founder and CEO of Tax Alchemy, a firm specializing in sophisticated tax planning. Tax Alchemy is one of the fastest-growing tax firms in the U.S. Karlton and the Tax Alchemy Advisors have created powerful tax plans for thousands of clients in the United States. Many of Karlton’s clients have achieved life-changing tax savings through the strategies that he and his firm design and help implement. In fact, Karlton routinely helps his clients save 6 or 7 figures in taxes.

In addition to leading Tax Alchemy, Karlton is also the creator of the Karlton Dennis YouTube channel. This channel is one of the most successful and popular channels in the tax niche. Karlton uses his YouTube channel as a vehicle to share his wealth of tax knowledge with millions of people.

Licensed EA (Highest Tax Credential Awarded by the IRS)
Forbes Business Development Council Member
Bigger Pockets Partnered Tax Advisor
Author of The Short-Term Rental Rule: How to Reduce Taxes Like the 1 Percent
Founder and CEO of Tax Alchemy

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[ryanheller]

While this is true, I would caution anyone that is looking to do this since it could potentially make them loose the $2, 000 child tax credit and any other benefits of claiming your kid as a dependent.

In order to claim a kid under 18 as a dependent, you must provide at least one half of his/her support. By putting them on the payroll, that money is now considered earned by the kid, and does not count toward the support you as the parent provide.

[Cocoa.Tresbelle]

Here you go again on my feed spreading these gems, I absolutely love ya, keep it up!

[sam]

How about children paying to parents who are retired?