Core
Hiring Your Children
Put your children to work in the business.
About this strategy
Business owners may be able to employ their children to perform legitimate work and deduct reasonable wages as a business expense. Depending on the child's age and the business's entity structure, those wages may also receive favorable payroll-tax treatment. The child must perform real work, compensation should be appropriate for the services provided, and payroll and recordkeeping requirements still apply.
Implementation resources
Slides, templates, and supporting videos.