How Hiring Your Kids Can Save You Money on Taxes

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“Income shifting” means shifting money from one family member to another. This can give you the ability to write off the money you spend on your kids by turning them into legitimate business expenses.

So, rather than you giving them money for the movies or their car, have them help you out in your real estate business and pay them for working for you. This gives you a tax deduction for your real estate business. Then, they can use the money they earned to pay for their movies and car expenses.

https://www.biggerpockets.com/blog/how-hiring-your-kids-can-save-you-money-taxes

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  • 3 months ago by vince