How to Hire Your Kid and Pay No Tax

How to hire your kids and pay no tax

May have heard you can pay your kids tax free up to $12k

True:
As long as they’re doing legitimate work for your business, you can hire your kids under 18 and pay each of them up to $12,950 per year tax-free for 2022.

By doing this legitimately you can avoid Federal income tax, Social security tax, Medicare tax, and Federal unemployment (FUTA) tax

00:00 Intro
00:18 Need a Business
00:57 Kids need to be yours and under 18 years old
01:04 Type of taxes you can avoid by hiring your kids
01:17 Kids need to work
02:01 Pay kids fairly
02:28 How to pay kids and pay not tax
04:24 How to pay kids and pay not tax for S-Corp or C-Corp

Resources:
DOL: Youth and Labor: https://www.dol.gov/general/topic/you...
IRS Pub 929 Tax Rules for Children and Dependents: https://www.irs.gov/forms-pubs/about-...

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EA Tax Resolutions Website: https://eataxresolutions.com/?utm_sou...
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

#IRS #Hirekids #taxfree