How to Place Your Children on Payroll in 2024 [Video]

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Chapters:
0:00 Intro
1:03 Why Add Your Children to Payroll?
3:40 Example: Hiring Your 16-Year-Old Son
4:45 What About S Corps?
6:50 The Fair Labor Standards Act
8:29 Hiring Children Over 21
11:04 Downsides of Adding Your Children as LLC Members
11:37 Things to Watch Out For
13:59 The Maximum You Can Pay Your Children (Without Paying Taxes)
14:45 Outro

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Many business owners who have children think about adding their children to their LLCs. However, a lot of these business owners have questions about when they should do this, how they should do this, and whether or not it is even a good idea to add their children to their LLCs in the first place.

In this video, tax expert Karlton Dennis answers all of these questions and provides additional information about hiring your children as employees in your LLC. For example, he discusses the laws around this topic, the tax advantages of adding your children as employees in your business, and more.

In addition to explaining the best hiring practices for children under 18, Karlton also provides insights into hiring adult children. After all, many business owners are also interested in hiring their children after they turn 18. So, if you are a business owner who is thinking about hiring your children, this is a very good video for you to watch.

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#childrenonpayroll #taxsavings