How to HIRE YOUR KIDS to reduce your taxes. Tax Deductions for Self Employed & 1099 LLC vs S Corp

so can you hire your kids to reduce your taxes? can an escort or an LLC taxes a sole proprietor have income shifting with hiring your kids? we're going to answer that in this video.

LLC vs S Corporation: What's are the biggest tax write offs for your small business, 1099 income, self employed company, or stay at home job?

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[ofnoother]

What if the business doesn't make enough to pay your kids, but you have that money in savings? Can you pay them from your savings?

[jennydinh]

Thank you so much for posting! This is the type of video I was looking for! You made it very easy to follow along..

[AgustinMolini]

Very interesting. Our CPA never told my dad about this when I worked for him and I was under 18. I want to take my taxes and business knowledge up twenty notches. I'll be looking more into this subject immediately.

[thefruitfulthings]

Thank you! I will let my tax professionals know that this is what I would like to implement and see what can be done. God bless you.

[pzmind]

Hi Rob, How are you? Could you please answer this question: I live with two kids ( 8 and 13 ) one is not mine the other is mine. The mother claim the kids in her taxes as dependents. Can I hire them to work in my business and Can I open a Roth IRA for them?

[LandonRoy-cvrt]

Great advise but please keep one hand on the wheel tho bro

[michaelmckay]

My two sons are 16 and 17. I transfer $500 into their personal checking accounts I set up for them each month. They help me with IT, social media and gen Z trends for my marketing. My question is, can I simply direct deposit into their accounts? Is that enough to have a record of payment?

[leet]

Thanks for the video. I am trying to figure out how much the TAX benefit would be. So I have a S-corp and want to hire my 7 yr old. If I employed her wouldn't she have to pay FICA (7.65%) and my Corp would have to pay the other half of payroll tax? Will she get her 7.65% back when she files a tax return?