Small Business Tax Savings Podcast
Business:Entrepreneurship
Debunking Common Myths About Employing Your Children!
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Ever wondered how hiring your kids in your business could save you money and teach them invaluable life lessons?
In this episode, Mike Jesowshek addresses common myths about hiring your children in your business. He outlines the potential tax benefits, the necessary legal steps, and the educational value for the children involved. Mike emphasizes that proper implementation and documentation are key to ensuring the strategy's legality and effectiveness. He also discusses the benefits of setting up a family management company and the possibility of hiring older children as 1099 contractors.
[00:00 - 04:45] Introduction
[04:45 - 13:07] Myths about Hiring Children and S Corporation Considerations
[13:07 - 23:14] Hiring Children Over 18 and Finding Suitable Work Them
Direct Quotes:
"Hiring your children is legal, and it's not a form of tax evasion." - Mike Jesowshek, CPA
"When we hire our children at a young age, we're teaching them the invaluable lesson of working for a living." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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