2 MINUTE TAKEAWAY - How your Kids Can Learn While They Earn

Become Your Own Boss: Tips for Starting and Growing Your Own Small Business · Aug 8, 2023 · 2m

The amount to remember...$12,500. Disclaimer: Be sure to check with your own tax professional. However, a great way to help your kids get a jump start on earning money, saving, and investing is to put them on payroll with your business. Currently, they can earn up to $12,500 tax free from their family's business. Now they do need to actually work and ideally have a job description. They will start paying into Social Security and Medicare; thus, hopefully making their earned benefits there even larger down the road. Take a quick listen.