Power in Numbers™ Shop
Hiring Your Kids Toolkit: How To Put Your Child On Payroll
Hiring Your Kids Toolkit: How To Put Your Child On Payroll
“What are the steps to hiring my kids?”
If you find yourself asking this question you are not alone.
Our Hiring Your Kids Toolkit is the ultimate comprehensive guide for legally and efficiently integrating family members into your business operation.
Certified Public Accountant Jamie Trull guides small business owners through every step of hiring their children with her step-by-step strategy.
Create a secure financial future for your kids and help them to maximize tax savings with the Hiring Your Kids Toolkit.
Reasons why you need this toolkit before hiring a family member
✅ Educational resources for your S-corp that include:
• Step-by-step how-to video trainings on hiring your kids for maximum tax savings.
• In-depth guides and checklists on tax strategy, benefits, and compliance to work in the family business.
✅ Set your business up for success hiring your child:
• Guide to creating a family management company, including when and why you may need it.
• Job-role suggestion guide and customizable job description templates.
• Payroll manual to show you how to properly and cost-effectively pay your child.
• Recordkeeping worksheets to ensure tax and legal compliance.
✅ Plan for the future and utilize valuable tax deductions as you create your tax strategy for your S-Corp:
• Guide to opening and utilizing a Roth IRA to build passive wealth for your child.
• Make Your Child a Millionaire Calculator to calculate the impact of Roth IRA contributions over time.
Get started today for $499
What's in the Hiring Your Kids Toolkit
o Hiring Your Kids Checklist to help you streamline the process of onboarding your child into your business with our Hiring Your Kids Checklist. This comprehensive checklist simplifies the hiring process and ensures you don't miss crucial steps, from getting a valid ID for your child to setting up a separate bank account. By following this checklist, you save time and ensure that your business remains compliant with relevant laws and regulations.
o Tax Savings Cheat Sheet to unlock maximum tax savings with our handy Tax Savings Cheat Sheet. This tool will guide you on how to take advantage of legal tax deductions and strategies available when hiring your children. Understanding these tax benefits can potentially save your business thousands of dollars each year, funds that can be reinvested into your business or your child's future.
o Guide to Setting Up a Family Management Company. This guide makes the process of setting up a Family Management Company easy, providing a detailed step-by-step guide and explaining why this could be beneficial for your tax planning. A Family Management Company can help you optimize your tax savings when hiring your children in an S-Corp or C-Corp.
o Paying Your Child Guide. This resource offers practical advice on determining fair wages, setting up a payroll system, and maintaining accurate payment records. It ensures your business stays compliant while giving your child a tangible reward for their hard work.
o Child Tax Requirements Calculator. This tool will provide you with an easy way to understand your tax requirements based on your child's earnings and age. No more guessing or worrying you are missing something - just enter the details and let the calculator do the rest!
o Roth IRA Calculator (i.e. Make Your Child a Millionaire Calculator). Explore the power of compounding and early investment with our Roth IRA Calculator. By showing how much a Roth IRA could potentially grow over time, this calculator offers a glimpse of your child's possible financial future. Start early, contribute regularly, and watch your child's financial future unfold.
o Work Activity Log to maintain accurate and compliant records with our Work Activity Log. This template makes it easy to document the tasks performed by your child, their hours, and their compensation. Keeping detailed records is crucial for tax compliance and demonstrating that the work your child is performing is legitimate.
Plus these Bonuses
o Family Employment Contract Template. Make it official by having an employment contract between your child and your business or Family Management Company.
o Family Management Company Service Contract Template. If you are a Corporation, use this template to create an agreement between your Family Management Company and your Corporation to get the best tax benefits.
Did you know that it is LEGAL under federal law to hire your children to work in a parent's business at any age?
Are you a family business owner looking to hire your children, save on taxes, and grow their wealth?
Get ready for the Hire Your Kids Toolkit, the ultimate resource for legally and efficiently integrating your kids into your family business while maximizing tax benefits and setting them up for financial success.
Here are some popular FAQs about Hiring Your Kids and putting them on payroll:
1. Is it legal to hire my children in my business? How old do they need to be?
Yes, it is legal to hire your children at any age due to exemptions to FLSA for family businesses. However, you do need to ensure it is set up properly. The Hiring Your Kids Toolkit provides comprehensive guidance on how to ensure you are in compliance with these laws.
2. Is hiring my child a risky tax loophole? Will it increase my audit chances?
No, hiring your child is a legitimate tax strategy that many small business owners employ. It is fully recognized and supported by the IRS, provided all regulations and laws are followed.
3. Can I still hire my child and get tax benefits if I am a Corporation?
Yes, corporations can still obtain tax benefits when hiring their kids by setting up a Family Management Company. The Hiring Your Kids Toolkit provides step-by-step guidance on this process.
4. Does this only apply to biological/adopted children? Can this work for my grandchildren, stepchildren, etc?
Federal labor law exemptions for family business employment apply to youth younger than 16 years of age employed in a business owned by the parents or by persons "standing in place" of their parents.
Standing in place is defined by the U.S. Department of Labor as one who takes a child into his or her home and treats the child as part of their own family, including educating and supporting the child. Therefore, stepchildren are likely to qualify if they live with you for a not-insignificant period of time, and grandchildren can qualify as well if you function as a primary caretaker.
5. Is this product for USA-based businesses only?
Yes, this product is only for businesses located in the USA.
6. Is there a refund policy for the Hiring Your Kids Toolkit?
We want you to be happy with your purchase, therefore we have a satisfaction guarantee on the product. For more information, see our full terms and conditions.
I have been lost about how to start the process of hiring my children properly and I knew that Jaime would clearly teach me the process! If you're considering this toolkitjust DO IT!
Thank you so much for your kind words and positive feedback! We're thrilled to hear that our 'Hiring Your Kids Toolkit' has provided clarity and guidance for you.
The Hiring your kids toolkit answers all the questions that you have about hiring your kids and puts it into a great step by step system- instead of searching google and missing an important detail.
Thank you for your feedback! Hey there! We're thrilled to hear that our 'Hiring Your Kids Toolkit' hit the mark for you! No more Google treasure hunts, right?