Hey Darnell, congrats to Parker on her first job. Just wanted to make sure that you’re taking advantage of all the tax advantages that come with having employing a child. However, you may have to have an S corp to be able take advantage of this. Here’s an article outlining some of the benefits: https://www.blueandco.com/tax-benefits-of-hiring-children-in-the-family-business/
Thank you, Ray. I’ve got a call scheduled this week to discuss this exact thing. It was something I thought I’d have to do but wasn’t certain. I appreciate you pointing it out.
Hey Darnell, congrats to Parker on her first job. Just wanted to make sure that you’re taking advantage of all the tax advantages that come with having employing a child. However, you may have to have an S corp to be able take advantage of this. Here’s an article outlining some of the benefits: https://www.blueandco.com/tax-benefits-of-hiring-children-in-the-family-business/
Thank you, Ray. I’ve got a call scheduled this week to discuss this exact thing. It was something I thought I’d have to do but wasn’t certain. I appreciate you pointing it out.
For sure, it’s great to have more of your savings go towards you and Parker!