Hiring Your Children in Your Family Business (Legally, step-by-step)

Please be sure to Subscribe & hit the notification button for more free videos on how to make more money and save tax dollars.

Take Action:
Book your free tax consultation today:

Interested in becoming a tax strategist and building your tax firm. Book call today:

Follow me on social media and stay up to date for when we release more videos!
Instagram: @Karlakdennis
Tik-Tok: @Karladennisinc
Titter: @KDAssociates
Linkedin: @karladennis

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#taxes #business #taxprofessional #llc #scorp #smallbusinessowner #newbusinessowner #wealth #justaskkarla #kdainc #karaldennis

[coreypasman]

And then you can set your kids up with a Roth IRA account with those earned incomes! 50+ years of tax free growth is life changing money

[EdwardHood]

I HAVE BEEN WAITING FOR THIS VIDEO!!!! Thank you

[trevorhyslop]

This is AMAZING. Super helpful. THANK YOU Ms. Dennis!

[FaithHelg]

wow ..thank you for breaking this down so beautifully :)

[heavenleighstar]

This is good information to ❤ thank you!

[parischristian]

I hope I do everything correctly but im definitely adding my son as an employee cause he already assist me with whatever I need his help with (assistant manager) and he will b paying for his own extracurricular activities as well 👏🏾👏🏾👏🏾👏🏾🙏🏾

[strengthrepublic-ywny]

Thank you. You and your son are da bomb

[profitablebusiness]

Good video 👍🏻keeping I love the content

[jkeleig]

Thank you! You just changed the trajectory of my household.❤

[walkiriacastillo]

Liked, commented and subscribed! Thank you!

[justnikky_apparel]

i have been looking for this kind of video, is it going to affect their benefit from the government

[lgiovia]

Great video. I am sorry I am a bit ignorant on this topic but need to learn as I plan on doing this soon. If I employ my 11-year-old daughter, how do I know how much I have to deduct? and when I do, do would I be sending to the IRS? and if so, would she be getting it back when she files her income tax? I was under the impression they don't pay taxes on that money as long as they are minor and under that 12k amount?

[elevatewithsilvaline]

Thank you for this. So if they are my employees i bet i cannot claim them again as dependent to receive the standard deduction for kids on tax returns right? Or ...

[rchsuccesspartnersllc]

awesome video... is it the same process for LLC- taxed as S Corp?. You only mentioned SMLL (disregarded). Please let me know- good job

[RRRHHHEEEAAA]

How old do the kids have to be in order to be hired in home business?

[Bodybymilk]

Do you have to withhold medicare and social for your kids under 17 on a schedule f?

[SwingTheRing]

You don't have to issue them a W2 (ages 17 and under) and could just pay them as outside labor (bypassing FICA) up to the standard deduction.

[_Ummi]

Can we give paychecks in same way to kids without FICA Taxes from 1120S ? if its owned 100% by father ?

[ML-bsdn]

Thank you for the information I have a question I have a child care daycare and I pay my daughter she is under 18yrs old but I would like to know the payments I gave her do j just write off as a business expenses or do I have to put payroll payments with the total amount I paid her please help me

[EEZYEEEE]

If I have a W-2 employee in my S-corp that makes $40k per year, is it advantageous to set them up on a similar plan like you’ve mentioned here (LLC Management Company) to avoid payroll taxes on the first $12, 950?