On this weeks episode of the Main Street business podcast, Mark Kohler and Matt Sorenson discuss the topic of paying kids in S corporations and dispelling myths surrounding it. They emphasize the importance of having a legitimate job for the kids and paying them reasonable compensation. They suggest different strategies based on the age of the children. For kids who are 18 or older, they recommend issuing a 1099 form. For kids under 18, they propose setting up a family management company and paying them through that entity. They also highlight the tax benefits of such strategies and provide insights on how to navigate the process.
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