Episode Details
Back to EpisodesThe Advantages of Employing Your Children in Your Business
Description
Let’s get this out there, we are not tax specialists or CPA’s. We are discussing what we have learned from our own personal research and experience. OK, now that the disclaimer is out there, we can tell you what we discuss in this podcast episode!
As your rental property grows, you may find you need more help with the everyday tasks that are time-consuming. These mundane jobs do not really help the growth of your business but are necessary to keep everything operating smoothly.
In this episode, we discuss the tax savings that can occur if you employ your children in your rental property business. Depending on where you are in your journey, these tax savings can be quite significant.
But it’s not all about you and your business saving money. We also touch on the personal benefits of employing your children and give several examples of what children of varying ages can do to help take tasks off your To-Do list.
Finally, we discuss options for your children to save or use the earned income and how putting them in charge of their own budget is a really good idea.
If you have kids (or are planning to), this episode is for you.
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