Maximize Your Tax Savings: How to Legally Hire Your Children for Business Deductions
Welcome to another episode of the Know Your Numbers REI podcast with your host, Chris McCormack! In this episode, we dive deep into a tax strategy that many people reference but often misunderstand: hiring your children for your business.
Chris breaks down the essential requirements and best practices to ensure you can take advantage of this strategy without running afoul of the IRS. Learn about age requirements, reasonable wage expectations, and the importance of contracts and timesheets. Discover how this strategy can potentially save your family thousands of dollars in taxes while also…
The skinny
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