Should Children Under 18 Work For Parents Business?

Should Children Under 18 Work For Parents Business?
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one minute moment.

Dr. Friday 0:12
Children under the age of 18 working for mom and dad in their business. Partnership or sole proprietorship? Awesome idea, people! Why not have kids work, learn that they’re going to have to work, put some of that money into either an IRA, teach them how much money actually are they going to come home with? Guess what, there are some wonderful tax advantages. You don’t have to withhold Social Security or Medicare tax. Kids if it’s under $6000 or even $12,000 If you did contribute five to an IRA may not even be taxable. You need to find out how to put more money in your pocket by calling me at 615-367-0819.

Announcer 0:52
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.