Hiring Kids in Family Business: Tax Benefits & Pitfalls
Hartford News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Hiring kids in the family business offers tax benefits and career growth opportunities. By adding teens or young adults to the payroll, parents can shift income from high-bracket to low-bracket tax rates, while kids gain valuable work experience and build Social Security credits. However, its crucial to ensure the job is legitimate and the compensation is fair, as the IRS scrutinizes family hires during audits. Properly executed, this strategy fosters good work habits and sets everyone up for long-term success.
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