tax deductions for self employed | The Kwak Brothers

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January 4, 2021

Why I’m Paying $12,000 to my daughter…

You might be thinking to yourself, “Sam, why are you paying your daughter $12k? Shouldn’t you be reinvesting that into your business?” Sure, it sounds crazy but it’s a wonderful tax strategy for small businesses or even big businesses. This business write off can help negate tax liabilities BUT also set up your kids for a bright future! BUT there are some guidelines you must follow in order to make this business tax write-off work…..LEGALLY. So in this video, I am going to talk about what exactly I am doing to help negate tax liabilities while paying my kid, helping her set up a successful financial future, AND saving my business huge $$$$ while doing it legally. (I also have a professional chime in so you’ll WANT to stick around for that!) 0:00 Intro 0:35 Taxes for small business vs having a job 2:15 Explaining why I am paying my daughter 2:54 A tax professional’s take on this tax deduction 4:54 What I am doing with a tax pro’s advice 5:30 Why only $12,000? 6:04 What my daughter will do with $12k 6:30 What happens if I pay her more than $12k 6:40 Other benefits in paying your kids 8:30 How you can use this as a tax write-off Hamilton Tax & Accounting (The Tax Professional I Trust!) https://hamiltontax.net/ [email protected] As a small business owner, there are numerous things that I can use as a tax deduction. Office supplies, marketing materials, educational courses, food…….the list goes on. Now how this works in a nutshell, let’s say I make a million dollars this year in my business but I had $750,000 in expenses. By the tax code, I only have to pay money on the $250,000 in profit. Business write-offs are so important to negating tax liabilities, but also depending on what the write-off is, can help grow your business. You got to spend money to make money. So how this works as a small business owner is you pretty much tell the government how much you pay in taxes. In comparison to someone who works for a company, the government takes those taxes out for you. Small business owners, earn their money, spend it, and the leftover profit has the government take their portion. This is why I always advocate people towards entrepreneurship… Now how does this relate to paying your daughter $12,000? Well, the tax code is set up for you to be able to do this as a small business owner. You can pay your children up to $12k tax-free up until they are 18 years old. Sounds pretty good right? BUT there are some rules you must follow in order to be able to do this. First, you DO need to have a business, you can’t just pay your kids and tell your accountant to write it off, doesn’t work like that. So you need to at least have a business entity set-up to do this. Secondly, your child WILL need to do some kind of work for your business. Obviously, you won’t have your kid closing deals or anything but the easiest one is using them for promotional material or advertising. Or if they are a little older, you could have them clean the office space, shred papers, or general housekeeping!