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So you are telling me I can get a $14,600 tax deduction if I hire my kid?

How to Hire Your Kids Course was created especially

for Entrepreneur Parents like you!

You can hire your kids through your small business, even if…

  • You don’t know where to start, what your child could do, or how they could help you
  • The industry your business serves has nothing to do with children or young adults
  • Your business isn’t making a profit yet
  • You aren’t registered as an LLC
  • You aren’t sure where to put the money you’ve paid your child once they’ve done the work

Just imagine

Your children earn tax-free income

You keep more profits in your small business

You turbocharge your child's retirement

Your children learn about entrepreneurship

Your children learn the value of hard work

You deduct your child's wages as a business expense

Let's take a peek at what's inside!

Check out the course curriculum

Understanding Child Labor Laws and Business Entity Types

– Business Entity Matters
– Age Requirements and Special Rules
– Laws of the Land: Federal and State Child Labor Laws
– Google Sheet: Child Labor Laws by State
– Danger Zone: 17 Jobs You Cannot Assign to Your Child

Job Opportunities for Your Kids

– Jobs You Can Hire Your Kids To Do
– Financial and Non-Financial Benefits of Hiring Your Kids
– 50 Job Ideas for Hiring Your Child in Your Business
– Airbnb Specific: 7 Job Ideas for Your Child in Your Airbnb Business

New Employee Forms for Your Child

– Job Description, Offer Letter, and Employee Agreement
– How to Complete I-9 Form
– How to Complete Federal W-4 Form
– How to Complete Sate W-4 Form
– Important Links You Must Bookmark

Big Day! Onboarding Your Child As an Employee

– Welcome to the Team: Onboarding Your Child as an Employee
– How to Organize Your Child’s Employee File
 

Paying Your Child a Salary

– How to Set a Reasonable Salary for Your Child
– This One IRS Test You Must Pass
– Money Flow from Parent to Child

Ongoing Tax Compliance

– How to Keep the IRS Happy
– Form 944 and 941
– How to Complete W-2

How to Solve the S-Corp "Problem"

– The S-Corp “Problem”
– Family Management Company (FMC)

Custodial Roth IRA for Kids

– Introduction to Roth IRA for Kids
– Three Eligibility Rules
– Pros and Cons: Weighing the Benefits of a Custodial Roth IRA for Kids
– Steps to Open a Custodial Roth IRA Account
– Fidelity: A Step-by-Step Guide to Setting Up a Custodial Roth IRA Account
– Charles Schwab – E*trade – Ameritrade: A Step-by-Step Guide to Setting Up a Custodial Roth IRA Account
– Battle Royale: Custodial Roth IRA vs. 529 Plans
– Impact on Financial Aid: How a Custodial Roth IRA Affects FAFSA Eligibility

What 3 Bonuses Are Included?

Offer Letter and Job Description Templates for Your Child

Ready to use an offer letter and job description templates for your child. The templates will you help describe your child’s jobs – an essential part of staying compliant with IRS regulations. 

Weekly Timesheet Tracker

Get an easy-to-use printable time tracker template sheet to help you and your child stay organized and keep you out of trouble with IRS.

ChatGPT: Customized Job Description Generator for Kids

Ready to use ChatGPT prompts that assist you in generating job descriptions for your kids.

What Parents are Saying About How to Hire Your Kids Course™

Frequently Asked Questions

How long will I have access to the course?

You will have LIFETIME ACCESS. You will also gain access to all future updates without any additional charge.

When I purchase the course, can I deduct it as a business expense?

Yes! It is tax deductible expense. Don't forget to keep your receipt.

My business serves an industry that doesn't have anything to do with kids, can I still hire them?

Yes! There are many ways your child can help your business, either in front or behind the scenes. We'll offer you 50 ready-to-use ideas and help you come up with even more!

Is it legal for me to hire my kids?

Yes, in fact IRS rewards you when you hire your child. There are several tax benefits when you hire your child. 

Do I need to be concerned about the "Kiddie Tax"?

No, the "kiddie tax" only applies to unearned income such interest, dividend income etc.  When your child is working in your business, their income is considered "earned" income and therefore, the kiddie tax rule doesn't apply. 

My business isn't making a profit yet - is this wise?

By hiring your child, you can actually save on the taxable income your business makes. Not only is this a wise choice for your business, but it helps you keep more money in your family. You can then use this money to open a Roth IRA for your child and save for their retirement!

© 2024 Kids Money Academy.

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