The tax savings of hiring your child in your online business are a considerable benefit, but there are other benefits to hiring your child that you can’t put a price on.
Specifically, teaching your child or grandchild the value of money, as well as the importance of working hard and the reward of doing a good job.
Tax benefits aren’t the only advantage to being an S-Corp. Another little-known benefit is that you can set up health insurance under the S-Corp and deduct your insurance premiums as “self-employed health insurance.” Nice, right? But you can only do this if your ”self-employed health insurance” is included in your W2 wages. In other words, it’s important to get a tax professional’s advice in setting it up right.
A lot of eCommerce sellers are hit with an inconvenient truth when tax season rolls around: they haven’t spent any time thinking about the right type of business entity for their business. Without having made this decision, they are lost in a sea of paperwork, doing their best to guess which forms are their responsibility, and hoping that they aren’t making a dire mistake that will cost them money down the road.
A former stand-up comedian turned Founder of Copy Chief, partnering with Kevin Rogers and his team has put the word fun into overdrive. Our collaboration with Kevin and his team is one for the books!
The goal in partnership with Kevin is to shift his business into an online financial powerhouse where “pay, play, and profit” are the business priority.