If your kids help in your business, you can legally pay them—and let them cover the costs you’re already paying for. Instead of using after-tax dollars for school clothes, activities, or living expenses, pay your kids for legitimate work and let them handle their own costs. The first $14,000 they earn can be tax-free, and you get the deduction. This is one of the most powerful family tax strategies available to small business owners.
For more strategies like this, dive into the Main Street Business Podcast or grab a copy of Mark J. Kohler’s Tax & Legal Playbook.
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