98. Kids on Payroll: The Legal Tax Hack to Save Taxes Every Year!

30/04/2025 17 min Episodio 98
98. Kids on Payroll: The Legal Tax Hack to Save Taxes Every Year!

Listen "98. Kids on Payroll: The Legal Tax Hack to Save Taxes Every Year!"

Episode Synopsis

Send us a textPaying 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 bracketsThanks for listening! Please share this episode with fellow business owners to help them save on taxes too.Support the showCreate a STAN Store - Click here to try it out!Here's where you can find us! Shop our business guides!Our Instagram PageOur family page

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