It's teaching your kids about business.

And if you're not able to create a garage sale or a lemonade stand, people, you have a business.

Look at your tax return.

Talk about the things that should be implemented in your situation.

They might be going through 30, 40, 50 things, but 10 of them make sense to you.

Welcome everybody to another episode of the Main Street Business Podcast with

yours truly Mark Kohler and the amazing Matt Sorenson.

Here to talk about S corporations and paying kids dispelling the myths.

I don't know why it's out there.

It's just crazy talk out there.

Well, it's because TikTok, the internet, it's all full of BS and people that

think they know what they're talking about. And they don't. And when it comes to your tax return, this all falls on you and taxes and penalties. So we want to make sure you're doing it right, because this is a cool strategy. You can pay your kids. We've paid our kids in our businesses. We want our clients to be doing it.

It's a great tax strategy.

It's also, you know what? A great strategy to teach your kids how to work and be part of the family business. It's like, it's so many things all wrapped up in one. There's so much to talk about here. I want to just unpack why this topic came up. I was talking to another accountant and he was saying, I'm like

getting, I'm a spotted white leopard. I'm a heretic. He's like in my town, I tell people,

you need an S corporation and you can still pay your kids. Here's how you do it. And other accountants,

CPAs, who can be very egotistical,

say, oh, you can't do it that way. And you've got to withhold FICA and you got all this. And he's like, no, I've been trying to tell people. And he's finding clients that are staying a single member LLC,

Schedule C as in Charlie, paying self-employment tax out their rear end,

just so they can keep their kids on the payroll and not withhold FICA.

Because they've been told, if I go to an S-Corp, if I pay my kids, now I have to withhold FICA.

That's wrong. It's blatantly wrong. It's not even high risk. This isn't even aggressive tax planning. This is basic tax planning 101. And these old school accountants are I don't know where they're getting the information. It's just crazy talk. So we want to break down how you go from being an escort owner to employing your kids. And we need to, of course, hit some basics here of, you know, why and how and when.

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