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Message
re: Paying kids in family business.
Posted on 10/4/23 at 11:25 am to XenScott
Posted on 10/4/23 at 11:25 am to XenScott
quote:
LINK
We have been using the workaround discussed in this article for a few years since we started getting good tax advice from a fractional CFO instead of using a cheap tax guy who didn’t do anything but prepare our returns. Paying more for good advice has saved us a lot more money than the extra cost of his services.
1
Posted on 10/4/23 at 9:47 pm to BlackAdam
We paid our kids while they were in high school (SR year only) and college. I forget the numbers our CPA gave us at the time but it allowed us/them to put some in an IRA for them and they used the actual 'pay' they received to pay for high school and college expenses we would have actually been paying for anyways.
When my CPA first brought it up I was pissed. NO WAY my kids are getting a check and not working for it!
But he explained it to my retarded arse and we did it. Worked out for both of us.
When my CPA first brought it up I was pissed. NO WAY my kids are getting a check and not working for it!
But he explained it to my retarded arse and we did it. Worked out for both of us. 
Posted on 10/5/23 at 12:36 am to BlackAdam
Make some business cards and advertisements and use your kids NIL
Pay them for advertising
Pay them for advertising
Posted on 10/5/23 at 7:28 am to XenScott
quote:How do you look in pinstripes?
Yeah. My accountant is not fond of the idea. I may need a new accountant.
Posted on 10/7/23 at 2:04 pm to ithad2bme
Care to share the name of the CFO?
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