How to Pay Your Kids in Your Business!
Summary
AI-generatedLearn how to legally pay your children through your business to reduce your tax burden and teach them financial literacy. Discover the rules for different age groups, documentation requirements, and how to leverage these payments for long-term wealth building.
Key insights
Including adult children (18+) on your company's Board of Directors or Board of Advisors allows you to deduct travel, dining, and meeting expenses for family business retreats.
Mistakes to avoid
Paying 'unreasonable' wages for the work performed. Wages must match the market rate for the task and the child's ability to avoid IRS scrutiny.
Tools & resources
KKOS Lawyersservice
Legal and tax consulting services for business structuring and family payroll.
Frequently Asked Questions
Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial