Main Street Business #503 Hire Your Kids To Save THOUSANDS In Taxes... Here's How
May 28, 2024
17:59
In this episode of the Main Street Business Podcast, host Mark J. Kohler breaks down the steps to successfully bringing your kids into the business fold and how this move can teach them crucial work ethics and provide substantial tax benefits. Explore detailed, actionable strategies that ensure your family capitalizes on every opportunity.
Here's what you can look forward to:
- Mark begins by emphasizing the significance of getting children on payroll.
- Unpacks the motivations for teaching children work ethic and business principles.
- Importance of legitimizing children's involvement in the business.
- Details on setting up a family support company for S corporations.
- Ensure children over 18 are added to the board of directors or advisors and are issued 1099s or W-2s as appropriate.
- Thoughts on the importance of financial education for children.
- Advice for tax advisors to learn and implement these strategies.
- Grab my FREE Ultimate Tax Strategy Guide HERE!
- Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification.
- You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360
- Looking to connect with a rock star law firm? KKOS is only a click away!
- Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
- Craving more content? Check out my Instagram!