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Financially Simple Bizcast


The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

Apr 25, 2019

In episode 150 of Financially Simple, Justin looks at how and why you might imply your children in the family business.

If you’re paying your kids pocket money for doing a few household chores, maybe consider hiring them and paying them a salary instead! Justin takes a look at the IRS tax code, and explains how you can employ your children giving them and your business significant benefits.

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ARTICLE TRANSCRIPT: https://financiallysimple.com/tax-benfits-hiring-your-child-in-your-business/

TIME INDEX:

00:53 - Should I Pay My Children From The Business?

01:28 - Why You Might Want To Hire Your Children

03:12 - The Strategy

04:22 - What The Internal Revenue Code Says

08:17 - Keeping It All Legitimate

10:42 - Is It Worth It?

14:02 - The Corporation “Problem”, and its Simple Solution

14:52 - The Payroll Tax Workaround For Your Children

16:44 - The Bottom Line

17:29 - Wrap Up

 

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IRS - Family Help

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DISCLAIMER:

The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.