Is Child Labor Legal? - Putting Your Kids on Payroll

Not all CPA's are created equal. Mark is awesome and I've worked with is firm many times for various things through the years. You don't need Mark personally if you can find a CPA that actually specializes in businesses and investors and isn't just a W-2 mill. A great CPA asks "how can we do that" not "you can't do that." There is a wide playing field before anything is out of bounds - the IRS knows what normal looks like and so does your great CPA - no reason to fear an audit as your chances are near zero and no reason also to fear one if you get one with a solid plan behind your return. A great CPA MAKES you money. Let's help get this country grow the habit of getting plugged into experts to play the game for real instead of just hating on the "rich." Thank you Mark for your generous education.

Ive had my own business for 5 years and never ever thought I can do this. This is why im so upset this is never taught in schools. Thank you so much. I will definitely be spreading this info to my friends and family.

So I am just seeing this now, my children are 9, 8, and 5 years old. We have a pretty well established business of 8 years. I sent this to my accountant as well as my financial advisor. We just found out December 2021 that we could even start doing this, but no one seems to know how to start. This was VERY informative and explains how friends and colleagues have their children starting small businesses from a young age! We are young yet and still learning a lot about business, neither of us went to business school and we built this business from the ground up... Literally from pinching pennies to overseeing 12 employees. We definitely want to leave a legacy for our children, since both of us grew up with nothing and our parents never thought ahead for us. (Literally no savings or college funds and our parents still struggle to get by even with a good earned income). THANK YOU FOR POSTING THIS!

@2:29 Three way to pull this off (RULES <18 yrs old, OUTSIDE LABOR Payment, etc.) @4:32 THE WHOLE GOAL HERE!!! (Dang it Mark. You did it again. Fantastic!!!) @5:06 Keep payment to kids <12K (std deduction limit) NO tax return filing @6:13 Your payment to Kids falls under EARNED INCOME, they can now fund IRA/ROTH Acct. (YOU BLEW MY MIND!!!)

This is good information! Thank you.

I LOVE YOUR BRAIN! Thank you, you are such a blessing! I’m so glad I found you!!

Thank you so much. I have been watching video after video to see if I needed to go through the hassle of w2 payroll for my 6 year old. Outside Labor. beautiful.

Great Job! Thank you so much for taking the time!

Dude as always you're awesome with your videos, full of value!!! Thank you!

“Outside Labor” -Under 18 - tax free so no need for w2 -Kids own debt card/credit card -Transfer funds from business account to kids account

Excellent video Mark - always a good job explaining boring tax issues in a very friendly and easy to understand way!

wow you just changed y kids lives with this video. thank you so much. ive shared this with every business owner i know.

Excellent video! Complex topic explained in simple terms. That is the mark of someone who really knows their stuff.

Thanks for the update.

Thank you Mark I have three daughters I’m going to set something up for them today!

Thank you liked and subscribed👍👍

Great information!

This is Gold!

🤯 Thank you! 💪🏾🌟

Good video and thanks for mentioning not having to deal with a W2.