If you are a business owner who has kids (teens or older), hire your child, they will thank you for life. There are so many benefits for a kid to start working at an early age. This is why you should hire your kid:
1. Your child can develop a work ethic
Your kid can understand the value of work and the value of a job from a very early age. They can learn the importance of showing up somewhere on time and delivering what is expected.
2. Your kid can earn up to $12,000 per year without worrying about taxes
If they are not earning money from another source, $12,000 is the standard deduction on any tax return. So most likely, they won’t even need to file a tax return.
3. You can take a deduction.
It is a legitimate business expense as long as your kid’s age and the job are reasonable.
4. More time with your child
Having your kid around is always nice; you get to see them. And they see you too, with other people and being a boss.
5. You can take the check out of their hands.
That’s right, take the check out of their hands before they spend it. Or at least one part. Put that money on a 529 College savings fund. Work it out with your kid to get to an agreement that’s fair and beneficial for both of you.
The next generation is looking for ways to work and earn money just like we did. So it is always great to help them when we can. In this case, help our kids to gain experience and money. So, go ahead and hire your child; they will thank you for life
Are you looking up to improve your business? Focus Law helps entrepreneurs take care of their legal issues to focus their time and energy on growing their business. Schedule a consultation with a legal advisor today.