EP24: Hiring Kids To Save Money On Taxes

<p><span style="font-weight: 400;">We have many Amazon sellers working with us and hire their children to unpack their packages, putting labels, and making sure codes match in the inventory. Their kids also do the marketing materials and post them on social media. They're able to do research, shred documents, sweep the floors in a warehouse or storage, or help out in shipping products to particular people. There's so many things that children can do for you and you can legally pay them. <br /> <br /></span><span style="font-weight: 400;">In this</span> <strong>Wealthy CEO Accelerator</strong> <span style= "font-weight: 400;">podcast, learn how hiring kids is an overlooked  genius tax planning strategy that helps you save money and cut back thousands of dollars from taxes. <br /> <br /></span><strong>KEY TAKEAWAYS: <br /> <br /></strong><strong>✔️</strong><span style= "font-weight: 400;">Hiring your kids is a perfect  legal and ethical system that also allows you to teach them to be smart about money and acquire work ethics at an early age.<br /> <br /></span><strong>✔️</strong><span style= "font-weight: 400;">First assess what your child can do. From ages seven to 17 years old, hire you little humans and establish work that is appropriate for their age and put that into writing. Because if the IRS ever asks you, you want to make sure that you have that on file.<br /> <br /></span><strong>✔️</strong><span style= "font-weight: 400;">Learn every step required to ensure you get accurate deductions and get protected from potential IRS audits. Getting workers comp insurance, Department of Labor registration, filing payroll returns, and other additional requirements will command huge penalties if not done properly.<br /> <br /></span><strong>✔️</strong><span style="font-weight: 400;">It would be best to pay them a thousand dollars monthly and not exceed more than $12K for the entire year. <br /> <br /></span><strong>✔️</strong><span style="font-weight: 400;">Pay your child to a separate bank account. Many business owner