Hire Children, Save Thousands | Tax Deduction for Realtors and Small Business Owners

Рет қаралды 4,801

3 жыл бұрын

This video is for Real Estate Agents, Realtors, Brokers and other small business owners who want to learn more about the hiring children tax deduction. I answer the questions listed below:
1. How does hiring your children save you money in taxes?
2. How can your children contribute to your business?
3. How old does your child have to be to implement this strategy?
4. What are some guidelines to follow to implement this strategy legitimately?
Take what you learn from this video and ask your legal or tax professional all of your specific questions. If you want to contact me, my information is below.
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This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation.
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Пікірлер: 24

@tonavaranda2008 2 жыл бұрын

Hi Navi, I just found your videos on youtube and I can't stop watching them! They are very informative and easy to understand. It coincided that exactly at this moment, I am in need and I have been looking for help to do my income tax, but unfortunately I have not been successful in that search, and I ended up having to do these taxes myself. It seems that for my happiness, by chance, I came across your videos, and after watching them, I convinced myself that I should contact you to seek your professional help for my situation. What is the best way to get in touch with you for a consultation and possible hiring of your services? Thanks, in advance, for the great videos!

@tmartochko4838 3 жыл бұрын

Love this strategy! I'm also interested in using a setting up a solo 401k to buy real estate (and save on taxes)

@NaviMarajCPA 3 жыл бұрын

It’s a excellent strategy when used correctly! Hope that you’re able to apply it to your business.

@Moneyneversleepsclub 3 жыл бұрын

@@NaviMarajCPA can you pay somebody else’s children as well or only your own?

@moisengwa9904 2 жыл бұрын

Hi Navi, Great video. Could you please advise as to how a partnership LLC works with hiring children? That is a married couple in an LLC file a partnership return, so can they also hire their children?

@PaddyDaddy3412 3 жыл бұрын

Love your videos. Can you also please do one for stock traders, people who make money solely in short term capital gains?

@NaviMarajCPA 3 жыл бұрын

Thanks for the feedback Nidhin. I may not get to that topic soon but I’ll keep it in mind for a future video.

@jazminvr4627 Жыл бұрын

Very interesting video, thank you for all the information. Can I pay my 13 yrs old with a 1099 if I run an s corp, also can I claim him on my tax return?

@tomcarey7071 2 жыл бұрын

Great video. My wife is a realtor. We have 3 kids: 13, 10, and 1. If we pay the 13 year old to babysit our other kids while my wife conducts real estate duties away from the home, can we deduct what we pay the 13 year old as duties related to the real estate business?

@carla551981 Жыл бұрын

Are you saying that you have to create a separate entity / pay that entity and the entity pays your kids. You an use a sole prop or S corp to do this strategy?

@bennyl7339 6 ай бұрын

If you hire the kid in the state has state tax. Do you need to withhold state tax for kids? Can you hire the kid without business entity which just file schedule E for rental?

@jennybui5295 2 жыл бұрын

Hello! If I use a strategy to save tax by hiring my children to work for my business, can I still claim my children under my tax return as dependent? Thank you.

@MrFwt 8 ай бұрын

Hello, I m myself on 1099, (don’t have llc), do I have to issue W2 or 1099 to my child ?

@saurabhdey1732 7 ай бұрын

Will the strategy work if the kids are less than 7 years?

@edwardi.haeffer-associater5506 3 жыл бұрын

my wife is 100% disabled and my kids receive a social security benefit, how would them earning money affect their benefits?

@NaviMarajCPA 3 жыл бұрын

Edward, I don’t want to give you an incorrect answer. Please check with social security administration.

@molleryo 3 жыл бұрын

can you please post a video about online Amazon sales, this include what type of company is best for that, do i have to report the sales tax or Amazon do it for me...etc

@NaviMarajCPA 3 жыл бұрын

Hi again Moller. I linked a video below which should help guide you. The same applies for an Amazon e-commerce business. As for the sales tax, I don't currently have experience with it to provide an answer. kzfaq.info/get/bejne/aZl5p7KVp8u7hIU.html

@Finedeserthouses Жыл бұрын

I have been told that you can give your child income up to $5,000/year. Is this correct?

@NaviMarajCPA Жыл бұрын

Simple question, but complex answer. It depends on many factors. If you're hiring your minor children, and they are doing work in your business, then you can pay them a reasonable amount in return. There is no limit to how much you can pay them, as long as it makes sense. Generally, if you pay lower than the standard deduction, then the child will not have to file a tax return. Pay attention to federal and state standard deductions.

@sugarartlover 3 жыл бұрын

Hi Navi, I have an LLC, can u hire my child to work for me? I'm a realtor in Texas

@NaviMarajCPA 2 жыл бұрын

Yes you can. The way in which you do so depends on many factors including the age of your child, if you are taxed as a sole prop or S Corporation, and a couple other items.

@josegalindo2855 3 жыл бұрын

Can u hire your wife? And apply the same strategy

@NaviMarajCPA 3 жыл бұрын

There is a strategy around hiring your spouse but it is different than what I discuss in this video and I typically don't deploy it in my practice. Doesn't mean you shouldn't but you should consult with someone who understands the ins and outs of it. Here is an article that discusses it: pinewoodfs.com/blog/tax-benefits-hiring-spouse