Hey Everyone, Boris here. Make sure you check out these links. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: bit.ly/download7TaxWriteOffs ☎ Schedule your FREE Tax Advisory Session - www.TaxPlanningCall.com 👉 Make sure you SUBSCRIBE so you do not miss out on future tax-saving tips and strategies - bit.ly/3AXHUtM
Under a LLC, do you have to pay your child a paycheck that would automatically deduct taxes which would entail a W2 at year end or can you pay them with a regular check or cash which would result in giving them a 1099? Please advise. Thank you for all of your videos and sharing your knowledge!!
So I have a question in regards to that if you are hiring your child and you're putting them on payroll how do you show the government that it's your child instead of an employee and how are you exempt
Does the family management LLC need an EIN or can you use the spouses SSN? For example, if you want the kids to contribute to a Roth IRA you would have to issue a W2 to the children, to show earned income, right? so in that case you would have to get an EIN, correct? but if you didn't care about the IRA for the kids, could you just use the spouses SSN?
Do you need to have a business license for the FMC? Can you just write a check out to your kid $1000 a month or do you have to do payroll with w2 and everything?
I'm looking into doing this for my S-CORP. I am planning on creating a family management company. How do I set up payments from the S-CORP to the FMC, then to my children? Do I need a bank account for the FMC and a bank account for each child?
Adam, great questions. I'd love to speak to you more about it and provide some feedback. Here is a link to my calendar, please choose a time that works best for you: www.taxdiscoverycall.com
@borismusheyev Thank you for your video. If a person isn't marriend, and/or doesn't have children, can you form a FMC and pay nieces and nephews under 18-years old this way as well? Are there different options for paying nieces, nephews, or siblings that are 18 or older? What about retired parents? Thank you!
I don’t think it has to be, but a W2 is a good idea. It would be nice if Boris would confirm a schedule C would also work just fine. I wonder if leaving the schedule C out of the discussion could be due to legal liability purposes.
Great vid...I have kids that are in college and am going to start having them work for me. I have a S-corp I pay my wife and I through...so can I set up a Family LLC and pay my kids over 18 up to $12 each without having either of us pay taxes on? Of if they are 18 no matter what they have to pay FICA etc. TIA!
Hey Everyone, Boris here. Make sure you check out these links.
🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: bit.ly/download7TaxWriteOffs
☎ Schedule your FREE Tax Advisory Session - www.TaxPlanningCall.com
👉 Make sure you SUBSCRIBE so you do not miss out on future tax-saving tips and strategies - bit.ly/3AXHUtM
Great advise Boris! I will put my kids to work now. 🙂
Under a LLC, do you have to pay your child a paycheck that would automatically deduct taxes which would entail a W2 at year end or can you pay them with a regular check or cash which would result in giving them a 1099? Please advise. Thank you for all of your videos and sharing your knowledge!!
Hey Kesha - thank you for the kinds words! It has to be paid via paycheck on a W-2
So I have a question in regards to that if you are hiring your child and you're putting them on payroll how do you show the government that it's your child instead of an employee and how are you exempt
Does the family management LLC need an EIN or can you use the spouses SSN? For example, if you want the kids to contribute to a Roth IRA you would have to issue a W2 to the children, to show earned income, right? so in that case you would have to get an EIN, correct? but if you didn't care about the IRA for the kids, could you just use the spouses SSN?
3-year-olds can make cute photo models for some social media posts :)
Won’t you still have to pay the same taxes you’re trying to avoid by creating the FMC, on the FMC?
Can u avoid a w2 since there are zero withholding and pay them as outside labor?
Do you need to have a business license for the FMC? Can you just write a check out to your kid $1000 a month or do you have to do payroll with w2 and everything?
What can the child use the money for that they make? Or what can they NOT use the money for?
anything!!
@@borismusheyevcpa can they contribute towards rent?
I'm looking into doing this for my S-CORP. I am planning on creating a family management company. How do I set up payments from the S-CORP to the FMC, then to my children? Do I need a bank account for the FMC and a bank account for each child?
Adam, great questions. I'd love to speak to you more about it and provide some feedback. Here is a link to my calendar, please choose a time that works best for you: www.taxdiscoverycall.com
Boris Musheyev I have already created the FMC and bank accounts, but I still have questions. The website says “too many redirects”.
@@AdamCanFly use this link: calendly.com/borismtax/sstax
@@borismusheyevcpa do we have put the 24k into there account can we put it in a business account
@borismusheyev Thank you for your video. If a person isn't marriend, and/or doesn't have children, can you form a FMC and pay nieces and nephews under 18-years old this way as well?
Are there different options for paying nieces, nephews, or siblings that are 18 or older? What about retired parents?
Thank you!
Hello what is the cost for your services
What about state tax?
Does the Family Management have to be an LLC or dba
I don’t think it has to be, but a W2 is a good idea. It would be nice if Boris would confirm a schedule C would also work just fine. I wonder if leaving the schedule C out of the discussion could be due to legal liability purposes.
Can I hire nephews for FMC? I’m single with 😊no kids
Hello Boris, can you still do the FAMILY MANAGEMENTE CO. under an S-Corp. or C-Corp? or it has to be just under an LLC?
You can but it will defeat the purpose of hiring kids.
Just set up a family management co as a sole proprietor and have the s Corp pay the fmc and have the sole prop pay the kids
Greetings
Can this work if I get a 1099 from a city agency who pay the rent for a 4 unit property I own?
Great vid...I have kids that are in college and am going to start having them work for me. I have a S-corp I pay my wife and I through...so can I set up a Family LLC and pay my kids over 18 up to $12 each without having either of us pay taxes on? Of if they are 18 no matter what they have to pay FICA etc. TIA!
How did u do it?
FEED NANA