👶 Hire your kids to save on taxes!
A secret hack that many business owners do is hire their kids to save on taxes.
📈 When you hire your kids, you save on taxes in two ways.
💰 The first is by deducting their salary from your taxes. At a 35% tax bracket, a $13,850 deduction means you DON'T have to pay ~$4,850 to the IRS!
😎 The second way your family saves is because your kid will get that money TAX-FREE since they can wipe out their salary with a standard deduction!
You need to make sure that the job you hire them for is legitimate and that you are complying with all legal requirements.
📸 But an easy role for them to have is to be a model for your presentations and advertisements.
When you hire your kids, you keeping the money in the family instead of giving it to the IRS!
🤔 What are your thoughts about hiring your kids?