1. EachPod

15 \\ How to Pay Your Kids and Save Big on Taxes: Smart Tax Strategies for Business Owners

Author
Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
Published
Wed 21 Dec 2022
Episode Link
https://smallbusinessfinance.podbean.com/e/15/

In this episode, learn how hiring your kids can be a powerful tax strategy for small business owners. We answer a listener’s question about whether to pay kids through an S Corp or a family LLC and explain how this decision impacts payroll taxes, tax deductions, and tax savings. You’ll hear how to keep records, what ages qualify, and why paying your children can create a solid work ethic while unlocking tax reduction opportunities. We also discuss setting up a Roth IRA for your kids and the importance of proper documentation to avoid IRS issues. If you want practical cpa advice on small business tax planning and smart strategies to reduce your tax bill, this episode gives you a clear action plan.


 


Next Steps:


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