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Video instructions and help with filling out and completing s corp election for llc
Hey Mark Kohler here and I got an important topic to talk about do you have children you own a small business do you think you can integrate the two of those and save a ton in taxes and maybe teach your kids about entrepreneurship at the same time well we got to talk about putting your kids on payroll I got my white board here we're gonna break down and you're gonna love it Music now before I go to the whiteboard let me make a few important points first this is legitimate it's legitimate if you truly have job duties for your children and they are participating in the business not just washing dishes and cleaning the room and that you could document things like janitorial shredding paper stuffing envelopes helping at the worksite even you know just running errands so this is a very important tax strategy if you treat it legitimately I don't want this to be some sort of tax scam or sham now this has been on the books for years this is a very common strategy think of the New York City Deli paying their kids working behind the counter even eighty years ago or in the Oklahoma City Farm paying their kids on the farm in the summer and this could be you and your real estate or internet business help having your kids help you around the office so make sure you have clear duties legitimate services your kids are providing and paying them a fair amount which is another topic which I want to give out of the way is that you're not gonna pay a five-year-old you know several thousand dollars to help in the business maybe it's $100 a month to a six or seven year old to empty trash and shred paper or something like that the older they get the more you can pay him and I have teenagers that can make $10,000 or more helping in a business in the summer throughout the year so you want to think about their duties and how much you're paying them before you start going through the procedures all right let's go to the whiteboard now this is a huge topic and I'm just gonna hit the highlights I've got more in-depth videos on my website and my tax and legal library where I go through all sorts of strategies where there's auto or health care dining and Home Office in pain kids over age 18 20 30 minute videos where I go in-depth very affordable and it'll save you thousands so if you want more just click down below and check it out now also in 2021 the rules changed because of the standard deduction amount now this is important for those that have watched my videos before there's a new rule for 2021 that we're gonna play into this now again a under age 18 not the simple here of 18 or under it's 17.