Hiring your kids can be a win-win. Not only does it offer potential tax benefits for parents, but it also teaches kids about work ethic and responsibility. What about self-employed parents versus those working for corporations?
Great video, thanks 🙏 I have a question, I have a single member LLC; I do not run a payroll, can I just write off my child’s wages as a labor expense on Schedule C and give them 1099-NEC? Thanks.
Is it only for kids of your household? Or is it grandkids as well? Can it be anyone under the age of 18? Whats the IRS's determination of what a kid is when they implement this tax structure?
Wow, that's unfortunate. It is legal as long as they perform real work under your business. If you'd like to work with my team, you can schedule a free consult at mycpacoach.com/
Great video, thanks 🙏 I have a question, I have a single member LLC; I do not run a payroll, can I just write off my child’s wages as a labor expense on Schedule C and give them 1099-NEC? Thanks.
Thank you. And you could but that may not be appropriate based on a number of factors. I’d suggest scheduling a free consult with Sherman’s team here: mycpacoach.com/contact/
