Hiring Your Spouse & Kids: Big Opportunities and Big Mistakes to Avoid
Manage episode 490980700 series 3641474
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Today weโre answering a smart question from a viewer about hiring a spouse or children in a family business. When structured properly, this strategy can create significant tax advantages and strengthen retirement savings. However, it also carries risks if not handled correctly. In this episode, Rob breaks down how to navigate the legal and financial details of hiring your spouse or kids, from the best ways to pay minors to structuring contributions to retirement accounts.
Hereโs what we discuss in this episode:
๐จโ๐ฉโ๐งโ๐ฆ Structuring roles for kids and spouses in your business
๐ฐ Using family payroll to fund Roth IRAs and retirement accounts
๐ How to avoid IRS red flags with proper documentation and job duties
๐ซ Common mistakes that sabotage tax savings
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41 episodes