Get Paid to be a Parent (or Grandparent)
Okay so you’re not going to actually “make” a lot of money. But you could at least get reimbursed for some of the costs of those kids! – Learn more below…
Summer is rapidly approaching. School will be getting out, and your kids or grandkids will be free for the summer.
Those kids will want to do things… things that cost money! And heck, you want them to have fun…
You could just fork over the cash so they can irresponsibly go about their “recreation” … or you could pay them an allowance for doing chores around the house…
You could “kill a few birds with one stone”, as they say…
If you hired your kids to do some chores “in your business” rather (or in addition to) chores for the home, you could get some cool bonus benefits out of it.
- You’ll help them develop character by EARNING their “fun money.“
- They’ll get exposed to your business and maybe develop a little entrepreneurship themselves
- … And as a side benefit you get a tax deduction! (which doesn’t happen when you hire them to do “household” chores)
And if you get a deduction… which saves you some taxes… it’s kind of like getting paid a little!
Here’s the gist of how it works. You pay your kids to do real work in your business… and then THEY PAY for their activities like:
- Movie tickets
- Amusement park admissions
- Going to the mall (yeah right! They’ll just spend it on Amazon)
- Pay for sporting activities or summer camps
The list can be endless.
Hire your children to work for you and they can use their income to pay for these expenses!
Plus, you get the deduction! Think about this…
If you were to put an advertisement online or in a newspaper and hire an employee, wouldn’t that be a deductible expense? Well, why not hire your kids instead?
With the 2017 Tax Cuts and Jobs Act there were a lot of changes. A huge benefit for you and the kids is that they can now earn up to $12,200 and pay no income taxes. Plus, you get to write that off!
Now… to be compliant you’ll want to pay them a reasonable wage for the work they do. AND they need to keep time sheets!
You get to deduct the wages… Which is like deducting the cost of the music lessons and sports and all the other things your kids will do this summer!
And its not just for summer. You can hire kids 7 and older in your business… They could pay for their own weddings, college, and cars! And you’d deduct the equivalent of those expenses!
At Taxbot, we want to help you lower your taxes to the legal limit so you can enjoy your resources with your family. This tip today is from chapter #4 in our latest book “7 Simple Ways To Avoid Paying Tax Legally”.
(You can read the rest of his explanation and examples of how to do this on pg. 27 of the book.)
For more great tax ideas grab a copy of the book below…
Get your FREE copy of “7 Simple Ways To Avoid Paying Tax Legally”
(Just pay S&H)
Here’s hoping you have a wonderful time with your family this summer! Maybe your kids can even treat you to ice cream!
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