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Hiring Your Spouse & Kids: Big Opportunities and Costly Mistakes to Avoid
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Today, we’re answering a smart question from a viewer about hiring a spouse or children in a family business. When structured properly, this strategy can create meaningful tax deductions, help a spouse build Social Security benefits, and even give children a head start on retirement savings. But if handled carelessly, it can raise red flags with the IRS.
Here’s some of what we discuss in this episode:
📋 What the IRS looks for in legitimate family employment
💼 Payroll tax deductions that can benefit your business
🧾 Why documenting hours and wages accurately is critical
🏢 How…
The skinny
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