{"id":5346,"date":"2023-11-01T08:46:17","date_gmt":"2023-11-01T13:46:17","guid":{"rendered":"https:\/\/www.incsight.net\/?p=5346"},"modified":"2026-07-08T19:41:36","modified_gmt":"2026-07-09T00:41:36","slug":"the-untold-benefits-of-hiring-your-kids-in-your-business","status":"publish","type":"post","link":"https:\/\/www.incsight.net\/blog\/2023\/11\/01\/the-untold-benefits-of-hiring-your-kids-in-your-business\/","title":{"rendered":"The Untold Benefits of Hiring Your Kids in Your Business"},"content":{"rendered":"<div class=\"et_pb_section_0 et_pb_section et_section_regular et_block_section preset--module--divi-section--default\">\n<div class=\"et_pb_row_0 et_pb_row et_block_row\">\n<div class=\"et_pb_column_0 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_text_0 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><p>Hiring your kids is one of the top kept tax saving secrets.<\/p>\n<p>Now when we start this conversation with clients a lot of people cringe and think this is something that the IRS surely would not allow. However, that is not the case. This is actually discussed directly in the tax code. However, it must be done correctly in order for it to be legal.<\/p>\n<p>We have actually had some lengthy conversations on this in our\u00a0<a href=\"https:\/\/www.facebook.com\/groups\/taxsavings\" target=\"_blank\" rel=\"noopener noreferrer\">Free Facebook Group<\/a>\u00a0so thought it would be a great topic to write on!<\/p>\n<\/div><\/div>\n\n<div class=\"et_pb_text_1 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><h1>What Do I Need To Know About Hiring My Kids In My Business?<\/h1>\n<p>Get a business deduction and your kids potentially pay no tax on that income.<\/p>\n<ul>\n<li><strong>IRS Website<\/strong>\n<ul>\n<li>\u201cPayments for the services of a child under age 18 who works for his or her parent in a trade or business are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child.\u201d<\/li>\n<li>Pay your child through a sole prop or partnership, no need to withhold social security, medicare, FUTA, etc if your child is under 18.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Benefits<\/strong>\n<ul>\n<li>You get a business deduction for items you are typically paying personally anyways.<\/li>\n<li>You child can claim the standard deduction (up to $14,600) in 2024, so the first $14,600 would be tax fee at the federal level and then any income above that would be taxed starting in the lowest tax bracket.<\/li>\n<li>You are likely paying for your child\u2019s basketball camps, entertainment, technology, etc so why not get a business deduction for these items you are going to pay for anyway?<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h1>Great, Now How Do I Do It?\u00a0<\/h1>\n<p>In order for this to be legal and stand up against the IRS, it must be done correctly! You cannot just pay your kids a set amount out of your business without any backup.<\/p>\n<ul>\n<li><strong>The Details<\/strong>\n<ul>\n<li>Must be age 7+ \u2013 This is an age that has been proven in tax court.<\/li>\n<li>Must pay a reasonable wage for the type of work they are doing in the business.<\/li>\n<li>Track time to record the actual work they are doing to support the deduction.<\/li>\n<li>Pay to an account in the child\u2019s name.<\/li>\n<li>Prepare a W2 at year-end<\/li>\n<li><strong>Have required documentation:<\/strong>\u00a0job description, employment agreement, hour\/task tracking, payment proof, W2, etc. In\u00a0TaxElm we have a full implementation guide with all of these documents.\u00a0<a href=\"https:\/\/taxelm.com\/\">Check that out here!<\/a><\/li>\n<\/ul>\n<\/li>\n<li><strong>Potential Issues or Planning Opportunities<\/strong>\n<ul>\n<li>S Corporation\n<ul>\n<li>If you operate as an S Corp you are<span>\u00a0<\/span><span>not<\/span><span>\u00a0<\/span>considered a sole prop or partnership so you WOULD need to be withholding social security, medicare, etc from the payments. This would all of course still be considered a business expense, just some additional tax. In\u00a0<a href=\"https:\/\/taxelm.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">TaxElm<\/a>, we discuss some work arounds for this \u201cproblem\u201d.<\/li>\n<\/ul>\n<\/li>\n<li>Non Child Family Members\n<ul>\n<li>Think grandchildren, nieces, nephews, etc. If you wanted to hire family members in this area they would not be your direct children so the social security and medicare avoidance would not be applicable. Here too there are some potential work arounds that we walk through in\u00a0<a href=\"https:\/\/taxelm.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">TaxElm<\/a>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>As mentioned, this is a tax strategy you do not want to miss out on. What a great opportunity to get a business deduction and have your children potentially pay no taxes on that income.<\/p>\n<p>Now of course you need to make sure you are doing things correctly to cover you in an IRS audit but that is something that can easily be done as we discussed here.<\/p>\n<p>For more details on this along with additional training and tax strategies to ensure you are paying the least amount in taxes as legally possible, check out\u00a0<a href=\"https:\/\/taxelm.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">TaxElm<\/a>!<\/p>\n<h1><\/h1>\n<\/div><\/div>\n\n<div class=\"et_pb_code_0 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe src=\"https:\/\/www.buzzsprout.com\/1837660\/episodes\/15269202-debunking-common-myths-about-employing-your-children?client_source=small_player&amp;iframe=true&amp;referrer=https:\/\/www.buzzsprout.com\/1837660\/15269202-debunking-common-myths-about-employing-your-children.js?container_id=buzzsprout-player-15269202&amp;player=small\" loading=\"lazy\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\" title=\"Small Business Tax Savings Podcast, Debunking Common Myths About Employing Your Children!\"><\/iframe><\/div><\/div>\n\n<div class=\"et_pb_code_1 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/TBS2WyBepIM?si=XbaZ53OOXcWb8OQ-\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div><\/div>\n\n<div class=\"et_pb_text_2 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><ul>\n<li style=\"list-style-type: none;\">\n<p><strong>The Time Is NOW To Start Paying Less In Taxes.\u00a0<\/strong><strong>Join<span>\u00a0<\/span><span>TaxElm<\/span><span>\u00a0<\/span>and start eliminating taxes and growing your wealth!<\/strong><\/p>\n<p>What you'll get:<\/p>\n<ul>\n<li><strong>Tax Savings Blueprint and Training:<\/strong><span>\u00a0<\/span>This is your roadmap to hit the ground and start implementing. Know exactly which strategies are relevant to you and which ones you should focus on first! Then dive into the training library with content, videos, downloads, guides, templates, etc. and start implementing right away!<\/li>\n<li><strong>Unlimited Access to Tax Experts:<\/strong><span>\u00a0<\/span>Got a specific question about a tax rule? You\u2019ll have unlimited messaging access directly with-in the software to our team of tax experts to get the accounting and tax answers you need.<\/li>\n<li><strong>Annual Comprehensive Consultation:<\/strong><span>\u00a0<\/span>Once a year you get a live meeting with a tax expert to discuss anything tax savings you would like. This is your time to get your questions answered live 1-on-1.<\/li>\n<li><strong>Annual Tax Return Review:<\/strong><span>\u00a0<\/span>Each year, upload your prior year tax returns, and our expert team will meticulously analyze them to generate a custom report highlighting key findings and actionable savings strategies tailored to your specific tax situation.<\/li>\n<li><strong>Monthly Webinars and Training:<\/strong><span>\u00a0<\/span>Every month, we host a live, virtual training session on a key tax topic. Join us live and bring your questions or view the training on your own schedule (recordings are added to the tax training library).<\/li>\n<li><strong>Partner Directory and Discounts:<\/strong><span>\u00a0<\/span>You get exclusive, members-only rates and access to our expert referral network for accounting, bookkeeping, tax preparation, payroll, financial planning, legal, retirement planning, tax resolution, and more!<\/li>\n<li><strong>TaxElm Guarantee:<\/strong><span>\u00a0<\/span>We will present tax saving strategies that will, at a minimum, cover the cost of your subscription fee or your money back!<\/li>\n<\/ul>\n<p>It is like having a tax\u00a0strategist walking with you along this entrepreneurial journey!<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_row_1 et_pb_row et_block_row\">\n<div class=\"et_pb_column_1 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_module et_pb_button_module_wrapper et_pb_button_0_wrapper preset--group--divi-button--divi-font--h1vi52x--default_wrapper\"><a class=\"et_pb_button_0 et_pb_button et_pb_bg_layout_light et_animated et_pb_module et_block_module preset--group--divi-button--divi-font--h1vi52x--default\" href=\"https:\/\/taxelm.com\/?via=incsight\">Join TaxElm<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":5376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"categories":[32,78,82,36,51,33,81],"tags":[42],"class_list":["post-5346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-management","category-money","category-small-business","category-tax-planning-strategy","category-taxes","category-w2","tag-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Untold Benefits of Hiring Your Kids in Your Business - IncSight<\/title>\n<meta name=\"description\" content=\"Hiring your kids is a legal, IRS-approved tax strategy. 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