The added bonus is that you can use the money however you please 😍😍😍

I am still talking about tax planning because it’s midyear and I hope you have learned that the only way you can get large tax savings is through tax planning…. not filing a return.
✳️ So, if you have not done anything so far this year to reduce your taxes then here is one opportunity you can start implementing!
In my Profit Accelerator CFO program for small businesses, tax planning is one of the key strategies used to:
1️⃣ Increase cash flow
2️⃣ Save after tax dollar
You see…one of your main goal in business is to keep more cash in your life because it doesn’t matter if your revenue is $5M if you have zero cash….😟😟😟😟
This is how it works:
✅ Your business can get a deduction for $12,000 or more for hiring your child.
✅ You pay no tax on this money
✅ Your child doesn’t pay any taxes on the money (you must meet the non-taxable income limits)
✅ You can use this money to pay for the child’s education expenses, clothing, etc.
✅ Keep the cash within the family tax free
With everything in life, it MUST make sense.
💡💡💡💡The duties that your child performs for your business should be age appropriate so that you can prove that the child can actually execute these tasks. Be creative, there is no age limit for your child (for example, you can use your toddler as a model for business photos). Documentation is the key!
If you want a step by step outline, then send me a message and I can send it over to you!
Happy tax savings 💯!

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