How to Put Your Kids on Payroll and Get A Tax Write Off

If you have kids, there's no way around all the expenses that come along with raising them. But if you own a business (which you should) you may be able to put those kids on your business payroll and deduct the cost of the toys, the clothes, the entertainment, the extra curricular activities etc.

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To make this work your kids will actually need to work in the business. Start them off with Small jobs such as stuffing envelopes, shredding paper, cleaning, filing, bookkeeping, scanning or other tasks appropriate to their age and skill level. Then pay them a amount thats appropriate for their age and the job that they are doing. This strategy will not only reduce your taxes, but it'll also help teach your kids about business and how to earn money responsibly.

Extra Credit Strategy:
Now that your kids have earned income they can fund a ROTH-IRA and partner with you in your next business, real estate flip, or rental income property. The Roth will purchase the investments and when you sell or receive income the money goes back to the ROTH-IRA and comes out tax free for your child's college or retirement.

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