Mark Kohler explains how to employ your adult children in an S corporation, assign them real duties like marketing or administration, pay them legitimately, and write off their salaries as business expenses. This reduces your taxes while building wealth for your family.
Every one of my kids now are 18 or older. Every one of them is on my board. Well, we're going to have an annual company retreat. Each one of them has a little duty. They help me throughout the year. Might be marketing, it might be administrative. Well, guess what? I got to be able to get a hold of them. And so if I'm helping them out with a laptop or a computer, I'm going to take a tax deduction for that. I'm going to take a write off for that. I may even give them a 1099 at the end of the year in their Christmas stocking for some money. I may have helped them out throughout the year. So now I'm generating more write offs inside my S corporation, legitimately audit protected to create more profit, to fund more wealth and to save more taxes. It's like an equation. It's like a recipe for success. It's so powerful.
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