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CA3133
November 16, 2022
Question

Children in business

  • November 16, 2022
  • 1 reply
  • 0 views

How do I involve my children into my business for tax benefits? 

    1 reply

    P
    pmurphy3
    November 16, 2022

    It is advantageous to hire your children.   However, there are certain items you should be aware of:

    https://ttlc.intuit.com/community/business-taxes/discussion/where-do-i-enter-payments-to-my-children-for-working-on-business-i-did-not-enroll-them-on-payrol/00/572270

     

    https://www.nolo.com/legal-encyclopedia/why-its-tax-smart-hire-your-children.html

    And by hiring your children, you can set up a Roth IRA for them.   Will pay enormous dividends for them as they get older.

    Please read the material above and then feel free to come back and ask for more information.

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