Short promotional video/transcript from Campground Accounting discussing the tax advantages of putting children on a business payroll. Speakers note that in 2021 the standard deduction was $12,550 and in 2022 it rises to $12,950 (a $400 increase), so parents can pay children up to those amounts tax-free and are encouraged to have the child contribute wages into an IRA. The clip ends with a call-to-action to contact the firm or join VIP services for more strategies.
Questions this video answers
$12,550
$12,950
$400
Chapters
The kids just got a raise. If you have your children on your payroll of your business and you're utilizing the full deduction, you could pay them.
$12,550 in 2021 and they have no tax liability. Assuming that's their only source of guess what?
In 2022 they get a $400 raise. That bump will go up to $12,950. So please up your kids, pay for next year and take advantage of the tax deduction. Also, while you're at it, think about.
If they can set aside that money into an ira.
Did you know that if your child.
Sets aside money into that ira, they will be so far ahead of where you and I were at their age and when they graduate college they'll already have start.
It's also a good educational factor to.
Put aside the money and let them see what saving money does and help them start their savings plan today.
So if you have questions about setting.
Your kids up on payroll, make sure.
You let us know.
We'd be happy to talk to you about that strategy as well as others that we share with our VIP clients.
Start your relationship with us today.
I'm Donna Bourdeau from campgroundaccounting.com Please follow us on Facebook and Instagram. Make sure you check out our blog and our website from the link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. To contact me, email me@donnacampgroundaccounting.com Sam.
