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Episode 5. Hire Your Children for Profitable Tax Savings Strategy
Manage episode 384006705 series 3512091
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Imagine being able to legally employ your own kids in your business, and in the process, shift burdensome high tax brackets to a zero or low one. I promise, by the end of this episode, you'll understand every step of how this tax strategy works and how you can start implementing it in your business in less than 30 days. We'll break it down for you, whether you're a sole proprietor, part of an LLC, or an S corporation. And the best part? As long as your child earns up to $13,850, they won't owe a penny in income tax, while you, the business owner, gain a handsome tax deduction. Plus, did we mention that there are no payroll taxes for you, the parent-employer? It's a double win!
But wait, we're not stopping there. Let's take a step further and explore how you can partner with a tax advisor to further reduce your tax bill. Why work harder when you can work smarter, right? Unleash the power of proactive tax strategies with the help of an expert. We even have free resources to help you get started on your tax savings journey. Just subscribe to our podcast so you don't miss out on any upcoming tax strategies that could save you a fortune. Here's to keeping more of what you earn! So, get ready to take notes and let's dive into the world of tax savings!
I've put together this FREE resource for you:
7 Write-Offs Every S-Corporation Business Owner MUST Know
🆓 Download FREE PDF here: https://7taxwriteoffs.com/
Ready to start saving money on your taxes?
☎️ Schedule your FREE Tax Advisory Session: https://taxplanningcall.com/
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*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, ...
Hoofdstukken
1. Tax Strategy (00:00:00)
2. Tax Strategies for Saving Money (00:13:23)
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