Do you want to explore the tax benefits of hiring your children and paying them? In this episode, Danielle Hayden introduces a strategic framework, addressing legal considerations, task legitimacy, documentation, compliance with state laws, and reasons for reconsideration. Tune in for a tax-smart and opportunity-rich framework.
Topics Discussed:
Intro (0:00)
Client Example: Family-Business Balance (1:02)
Framework: Evaluate Tax Strategy for Benefits (3:58)
Step One: Identify the Legal Structure for the Appropriate Payment Approach (4:42)
Money Mindset Mastery Framework (7:31)
Step Two: Consider Your Children (8:32)
Step Three: Document the Work (9:29)
State Laws (11:38)
Last Step: Evaluate Why You Might Not Hire Your Children (12:19)
Quick Recap (14:13)
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Business By The Books with Danielle Hayden