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The kids are out of school, hanging around, and you want to put them to work. You should. It's a good idea for many reasons. Hiring your kids has both long-term and short-term payoffs.
You can keep an eye on the tykes while presenting a solid work ethic and helping them learn to appreciate of the family business. The summer working together can teach you to communicate with your kids as mature adults, a skill you will need soon enough. They'll earn money, and you keep funds in the family. Plus, there are tax breaks!
Tax Tips When Hiring Your Kids
If you put your children to work, there are certain payments you won't have to make, and that can mean your seasonal labor is cheaper than you ever imagined. You can pay out less and pay your kids, which is a win-win.
Of course, there are many things to think about when hiring your kids. Talk to a lawyer about the practical aspects while you mull over the emotional benefits of this arrangement. It will no doubt teach you to see your children with new eyes.
Consult With Counsel
If you are hiring your kids this summer or are worried about any aspect of your business operations, consult with counsel. Get guidance.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.