#531 Tax Advisor Playbook: The Tax Secret To Save Your Clients Thousands

Main Street Business

In this episode of the Main Street Business Podcast, host Mark J. Kohler explores tax-smart strategies for hiring family members. Learn about hiring children under age 18 without complex tax forms, managing finances through a Family Management Company, and leveraging tax deductions for adult children’s education and healthcare. Mark also provides insights on creating bank accounts for family members and making strategic real estate investments.

Here are some of the highlights:

• Mark unpacks the benefits of bringing family members and children into the business, including tax savings, teaching kids about work and business.
• How kids can do legitimate jobs like shredding paper, cleaning, marketing, etc
• Mark maps out and breaks down the different rules for kids who are 18+ and under 18.
• Use the 'Trifecta' structure: Operations, Assets, Family Management Company.
• Tax write-off for college tuition by paying kids to manage properties
• Pay kids from LLC, Sole Proprietorship, or S Corp via Family Management Company
• Health insurance strategy: Kids can qualify for own insurance if earning enough
• Potential for significant savings on family health insurance premiums

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Chapters

1. Tax Strategies for Hiring Family Members (00:00:00)

2. Tax Strategies for Family Hiring (00:10:52)

3. Tax Saving Strategies for Business Owners (00:25:03)