Oct 26, 2016
Summary:
Can employing your kids be a tax advantage? In this episode Kim Butler and no B.S. money guy Todd Strobel sit down and talk about how employing children can offer several tax benefits and teach them the value of money. Children can do menial or low-skilled work and get compensated and you can benefit with tax breaks. For you to implement this in your financial strategy you will want to consult with your CPA or advisor and follow the guidelines presented by the IRS
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Show Notes:
00:00 Introduction
00:29 Today’s topic: Taxes; and how to lower your tax bill
01:16 If tax money could be put back into your business, where would it do the most good?
01:54 Kim Butler: firm believer in paying someone else to do the work
02:32 Employ your kids so they learn the value of work and money (check with your CPA first)
3:45 Getting your kids to help work in your business may help solve family dynamics if they have their own money
4:14 Todd’s idea: using your kid’s pictures in marketing
5:34 Talks about teens having their own money, learn how to make their dollar stretch
6:39 Kim’s ideas on what work kids and teens can do and in turn make them more independent financially
8:03 It’s a win-win from a business point of view, child’s point of view, and parent’s point of view, and job market point of view
9:18 Make sure you stay in line with the law when employing children
10:20 Send in questions or comments