Mark Kohler explains how to turn money you're already spending on your kids into tax deductions. Pay them for work in your family business or for expenses like their phone and tuition, then document it properly on your books to write it off legally.
Maybe you've got kids helping you in your business. You're already giving them money. Under age 18, over age 18. You might be supporting them in some way, a cell phone, helping them with school cost, tuition, a car, whatever. Under age 18, over age 18, you're spending that money anyway. So when you go get that on the books in a proper fashion and please, that's a year end strategy. You got to go listen to some of our other podcasts on that. That's one. I'm spending the money anyway. So converting it into a tax deduction legitimately is super powerful.
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