98. Kids on Payroll: The Legal Tax Hack to Save Taxes Every Year!
Description
Paying your children through your business is a legitimate and powerful tax strategy that can save you thousands every year!
• Reduce taxes by converting business income into deductible expenses with zero tax impact
• Children earning under $15,000 (2025 standard deduction) pay no income tax and don't need to file returns
• Sole proprietors (Schedule C) and farms (Schedule F) don't pay payroll taxes on wages to children
• S-corporations must pay payroll taxes, but strategy remains beneficial for 22%+ tax brackets
Thanks for listening! Please share this episode with fellow business owners to help them save on taxes too.
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