This video covers everything you need to know about hiring your kids in your business and exactly how much money you can save.
Watch the free training on the "5 Biggest Mistakes That Business Owners' Make With Their Accounting & Saving Taxes" here: www.amandarussell.mba/5bigges...
Get access to Gusto (the payroll software I recommended at the end) with a $100 or $200 gift card:
gusto.com/r/amanda3828
0:00 Introduction
1:24 Does paying your kids save taxes?
1:45 Is paying your kids to work a tax write-off?
2:10 What are the tax benefits of hiring your kid?
2:20 Income tax break-down
3:58 Misunderstanding about why paying your child SAVES income taxes...
6:18 Does my child pay Payroll or Self-employment Taxes (Ie. Medicare and Social Security tax)?
7:30 Does Unemployment Tax apply to my child? Federal and state unemployment tax (FUTA/SUTA)
8:07 Example tax savings calculations - LLC, sole proprietor, S-corp examples
11:52 Requirements for your children to qualify as employees
12:45 6 reasons why paying your child is denied by the IRS (costing you interest & penalties!)
14:24 Do I have to file a W-2 for my child?
14:40 Steps to hire your child as an employee in your business.
15:46 How to request to file annual payroll form 944 instead of quarterly tax forms 941s.
16:22 How old does my child need to be to work in my business?
17:02 My recommendations: Paying Owners & Workers course and Gusto payroll software
Latest videos:
What is the new requirement for LLC in 2024? - FinCEN Beneficial Ownership (BOI) Report - Penalties: • What is the new requir...
EMPLOYEE RETENTION TAX CREDIT - How does the ERC work? $26,000 per employee? Is it legit? • EMPLOYEE RETENTION TAX...
Other videos to check out:
Sole Proprietor vs. LLC vs. S-corp: What are the TAX BENEFITS & DIFFERENCES: • Sole Proprietor vs. LL...
HOW DO I PAY MYSELF IN MY BUSINESS [PART 1]: • How To Pay Myself In M...
4 TAX SAVINGS STRATEGIES FOR OWNER PAYkzread.info?q=ht...
[HOW DO I PAY MYSELF IN MY BUSINESS PART 2] • 4 TAX SAVING STRATEGIE...
HOW TO OVERCOME PROCRASTINATION • Procrastination In Bus...
THE EASIEST AND CHEAPEST WAY TO TRACK YOUR ACCOUNTING RECORDS (SOFTWARE VS. APPS VS. BOOKKEEPERS): • Best Way To DIY Your A...
S-CORPORATION CALCULATOR - When & How the S-corp Saves You Taxes! • S-Corporation Tax Calc...
File Your Taxes for FREE online with this DIY Tax Video Series:
- Choosing free way to file for federal and state: • Can I Really File My T...
- STEP-BY-STEP TUTORIAL: Filing your taxes for free in any situation • STEP-BY-STEP Tutorial:...
- STEP-BY-STEP TUTORIAL: How To File a 1099 Online For FREE • How To File Your Self-... -
- STEP-BY-STEP TUTORIAL: Home Office Tax Write-off - Worksheet for tracking • Home Office Tax Write-...