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Confused about when and how to pay your kids through your business without getting into tax trouble? In this clear, no-fluff guide, Mark J. Kohler, CPA and attorney, shows exactly when it makes sense to hire your children, what ages qualify for tax breaks, and how to document it so you stay 100% legal. You’ll see how to shift income into your kids’ lower tax bracket, deduct their wages from your business, and even avoid payroll taxes if they’re under 18.
You’ll also learn the right way to pay kids once they turn 18, when a W-2 or 1099 applies, and how to involve them in your company’s board so family trips and meetings may qualify as deductions. Plus, Mark covers how to turn those earnings into long-term wealth with Roth IRAs, education accounts, or even a solo 401(k). Stay to the end for a simple framework you can follow—and avoid the costly mistakes most parents make.
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CHAPTERS:
0:00 Intro
0:39 Why Paying Your Kids Works as a Strategy
1:55 What Jobs Can They Do and How Much Can You Pay Them?
2:38 Payroll and Documentation Rules
3:26 Tax Benefits for You and Your Kids
3:59 What About Kids Over the Age of 18?
6:08 Extra Strategy: Retirement Accounts for Kids
6:53 Outro
Resources:
Interview a Main Street Tax Pro that Speaks like Mark: https://taxadvisornetwork.markjkohler.com/?utm_source=mjk-youtube&utm_medium=description-link&utm_term=&utm_content=pay-your-kids-in-your-business&utm_campaign=youtube-scripted-longform
Meet with a Real Lawyer on Zoom: https://kkoslawyers.com/schedule-an-appointment/?utm_source=mjk-youtube&utm_medium=description-link&utm_term=&utm_content=pay-your-kids-in-your-business&utm_campaign=youtube-scripted-longform
Self-Direct Your IRA or 401k- Buy a Business or Real Estate with Your Retirement Account (Directed IRA): https://directedira.com/appointment/?utm_source=mjk-youtube&utm_medium=description-link&utm_term=&utm_content=pay-your-kids-in-your-business&utm_campaign=youtube-scripted-longform
Keep Your LLC or Corp in good standing and Hide Your Address (Main Street Business Services): https://mainstreetbusiness.com/?utm_source=mjk-youtube&utm_medium=description-link&utm_term=&utm_content=pay-your-kids-in-your-business&utm_campaign=youtube-scripted-longform
Become a Certified Tax Advisor in Mark’s Program – https://mainstreetpros.com/?utm_source=mjk-youtube&utm_medium=description-link&utm_term=&utm_content=pay-your-kids-in-your-business&utm_campaign=youtube-scripted-longform
Connect:
Website: https://markjkohler.com/?utm_source=mjk-youtube&utm_medium=description-link&utm_term=&utm_content=pay-your-kids-in-your-business&utm_campaign=youtube-scripted-longform
LinkedIn: https://www.linkedin.com/in/markjkohler/?utm_source=mjk-youtube&utm_medium=description-link&utm_term=&utm_content=pay-your-kids-in-your-business&utm_campaign=youtube-scripted-longform
Facebook: https://www.facebook.com/markkohler/?utm_source=mjk-youtube&utm_medium=description-link&utm_term=&utm_content=pay-your-kids-in-your-business&utm_campaign=youtube-scripted-longform
Instagram: https://www.instagram.com/markjkohler/?utm_source=mjk-youtube&utm_medium=description-link&utm_term=&utm_content=pay-your-kids-in-your-business&utm_campaign=youtube-scripted-longform
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