In this episode, Caroline and Erica talk about taking full advantage of having your kids work for you. Believe it or not, you are entitled to a lot of benefits! When you hire your kids, you will have less taxable income. If your child is under 18, depending on the type of business you have, they may not have to pay social security and Medicare.

The ability to provide work for your teenager is irreplaceable. The money they make can be put in an IRA or a savings account, which builds up income for them over time. Not many people know this, but If your child earns less than 13,850 (max income as of 2023) per year, they are not required to pay taxes. This is why having a bookkeeper, CPA, and financial consultant is important!