Financially Simple

In episode 150 of Financially Simple, Justin looks at how and why you might employ your children in the family business. If you're paying your kids pocket money for doing a few household chores, maybe consider hiring them and paying them a salary instead! Justin takes a look at the IRS tax code and explains how you can employ your children giving them and your business significant benefits. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG: Ideas for Hiring Your Children in Your Business - Tax Advantages TIME INDEX: 00:53 - Should I Pay My Children From The Business? 01:28 - Why You Might Want To Hire Your Children 03:12 - The Strategy 04:22 - What The Internal Revenue Code Says 08:17 - Keeping It All Legitimate 10:42 - Is It Worth It? 14:02 - The Corporation "Problem", and its Simple Solution 14:52 - The Payroll Tax Workaround For Your Children 16:44 - The Bottom Line 17:29 - Wrap Up _________________ USEFUL LINKS: Financially Sim