Are There Tax Benefits From Paying Your Children To Work In Your Business? (Tax Tuesday Question)

Learn how to get the maximum tax-saving benefits from paying your child to work for the family business.
In this video, we will break down the complexities of having your child work for your business. We’ll show you how to pay them well-based on your entity type. From the age requirements to custodial bank accounts, Roth IRAs, or how to save $5K in taxes, everything you need to know is here.
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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#taxbenefits #taxtips

[@willmallory9085]

This is why I see children & grandchildren in family owned bussiness's television commercials. LOL

[@1101agaoj]

Brilliant use of current payroll and tax law.

[@timesaver6085]

In Texas their wages are Exempt only for a Sole Proprietor account no exemptions allowed if it is a LLC or Corporation. Every state has different rules. If the state contacts you about the difference of the W-3 total vs W-2 totals. Just say the difference is due to Exempt wages. Their wages are reportable and taxable once they are 18 years old to TWC, not sure with federal. You can contact the IRS on that.

[@amauta5]

In California, how much should a w2 be looking like to start preparing these kinds of things?

[@JustinGuerin]

Hey Toby, I’m a financial planner with lots of clients who own rentals. They like your content, and so do I, and one of them wants me to be the trustee of their land trust (I’m in Louisiana). Is this legally passable?

[@peachyt6296]

My son started doing some work for my LLC this year, but because he's in school, it's not a set schedule of hours worked or set amount of income. He might work 6-8 hours in a month where they have a week-long break from school, then the following month he might have 1-2 hours worked if school projects & extracurricular actitivies are heavier.
So I don't pay him through an official payroll service, I simply transfer the earned income from my LLC bank account into his checking account at the end of each month (amount is based on the hours worked, and this amount of course fluctuates by month).
Is this payment process fine to use (as it's not an official payroll service like an ADP, etc.)?