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Earn Your Leisure

Cliff Notes: How to get a tax write-off for giving money to your kids

Earn Your Leisure

EYL Network

Education, Entrepreneurship, News, Business News, Investing, Careers, Business

4.87.8K Ratings

🗓️ 12 March 2023

⏱️ 12 minutes

🧾️ Download transcript

Summary

In this Cliff Notes, we discuss how to legally hire your child in your business and get the tax benefits for doing so.


#earnyourleisure #business #taxhacks



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Transcript

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0:00.0

I made a post on Instagram that got a lot of traction two weeks ago.

0:02.9

I didn't get a chance to talk about it last week.

0:04.3

I wanted to just brief it some of it as far as so I have my son with me in all

0:08.8

star.

0:09.3

So this is something that I wanted to highlight because we made a post about it.

0:13.1

But sometimes when you when you actually make it a real world case,

0:17.2

yeah, it's easier for people to understand it because it's not just like a

0:20.5

hypothetical thing.

0:21.4

So you know, one of the one of the benefits with being an employer is that you

0:29.5

can employ your children, right?

0:31.4

This is something that's extremely beneficial because it's like most of the

0:34.4

time a child can't work.

0:36.0

I think you can't get work in papers in most states until you're like 14.

0:38.6

Yeah.

0:39.4

So that's one thing, right?

0:41.3

But the rules are different for business owners.

0:43.8

Yes.

0:44.5

A business owner as you can employ your child as long as they can do a job, right?

0:49.3

A one year old can't be a computer scientist guy.

0:51.9

So don't do don't don't don't be stupid.

0:54.8

They know they got to be older than seven.

0:56.2

Please.

...

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