This video covers everything you need to know about hiring your kids in your business and exactly how much money you can save.

Watch the free training on the "5 Biggest Mistakes That Business Owners' Make With Their Accounting & Saving Taxes" here: https://www.amandarussell.mba/5bigges...

Get access to Gusto (the payroll software I recommended at the end) with a $100 or $200 gift card:
https://gusto.com/r/amanda3828

0:00 Introduction
1:24 Does paying your kids save taxes?
1:45 Is paying your kids to work a tax writeoff?
2:10 What are the tax benefits of hiring your kid?
2:20 Income tax breakdown
3:58 Misunderstanding about why paying your child SAVES income taxes...
6:18 Does my child pay Payroll or Selfemployment Taxes (Ie. Medicare and Social Security tax)?
7:30 Does Unemployment Tax apply to my child? Federal and state unemployment tax (FUTA/SUTA)
8:07 Example tax savings calculations LLC, sole proprietor, Scorp examples
11:52 Requirements for your children to qualify as employees
12:45 6 reasons why paying your child is denied by the IRS (costing you interest & penalties!)
14:24 Do I have to file a W2 for my child?
14:40 Steps to hire your child as an employee in your business.
15:46 How to request to file annual payroll form 944 instead of quarterly tax forms 941s.
16:22 How old does my child need to be to work in my business?
17:02 My recommendations: Paying Owners & Workers course and Gusto payroll software





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