Kareen MillsFounder & CEO, Friendsgiving Live® · Most Influential Filipina ’23 🏆 Founder of the World’s Largest Friendsgiving Festival for Women | Angel | Keynote | Sugar Mommy™ Media | Psalm 25:1 ✞

Money hack I bet you didn’t know, Part 12 🤑💡 Pay your kids up to $14,600 in 2024!

7 Jun 2024 · 1 min

Watch on YouTube

1:01

Business owners can pay their kids up to $14,600 in 2024 through company payroll and avoid taxes on it. You need a structured business, cash flow to cover it, and a CPA to stay compliant with IRS rules. Informal chore pay doesn't count.

Chapters

Money hack I bet you didn't know, part 12. Did you know you can pay your kids up to $14,600 in 2024? But Kareen, where to get $14,600? Make sure you talk to your CPA because this strategy is not for everybody. The other caveat to this is you have to structure your business accordingly, and this is what influencers often forget. You have to have cash in Enough to operate your business and above and beyond fund $14,600 for your children under your payroll system. Now, I'm not here to rain on your parade, but I'm here to deliver the truth. Yes, I've told you not to pay your kids for chores. If you're gonna pay your kids, this is the way to do it. And yes, this is an amazing strategy for the right people.