👨‍👩‍👧‍👦 𝗦𝗺𝗮𝗹𝗹 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗧𝗮𝘅 𝗛𝗮𝗰𝗸: 𝗛𝗶𝗿𝗲 𝗬𝗼𝘂𝗿 𝗞𝗶𝗱𝘀

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Did you know you can 𝗹𝗲𝗴𝗮𝗹𝗹𝘆 𝗽𝗮𝘆 𝘆𝗼𝘂𝗿 𝗰𝗵𝗶𝗹𝗱𝗿𝗲𝗻 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 — and reduce your tax bill at the same time?

Here’s how it works:

✅ If your child does legitimate work (think: shredding, filing, packing, social media help),

✅ And you’re a sole prop or partnership,

✅ You can pay them 𝘂𝗽 𝘁𝗼 $𝟭𝟰,𝟲𝟬𝟬 𝗶𝗻 𝟮𝟬𝟮𝟰 tax-FREE to them — and fully deductible for you.

💥 Bonus: If they’re under 18, 𝗻𝗼 𝗽𝗮𝘆𝗿𝗼𝗹𝗹 𝘁𝗮𝘅𝗲𝘀 are required. That’s right — no Social Security or Medicare.

💡 Want to fund a Roth IRA? Or teach your kids financial literacy? This is a real-world, IRS-approved strategy that does both.

BUT — like anything tax-related, it needs to be done correctly.

Document the job. Track the hours. Pay through payroll. Keep it legit.

📩 DM me if you want to make this part of your 2024 tax plan.

#TaxTips #SmallBusinessOwner #FamilyBusiness #TaxStrategy #CPA #SoleProprietor #BusinessTaxes #FinancialLiteracy #RothIRA #TaxPlanning