I hired my oldest tax deduction today. She’s in her last year of college as an English major, a massively talented writer, and needs a part time job that uses her skills. (Uber Driver and Mystery Shopper don’t count). Meanwhile, her dad and I have been making up the shortfall between earnings from odd jobs and her actual expenses.
Enter the solution: I am developing a new service line and need content for my website and despite being a decent writer, I don’t like writing. She loves writing. She can write from her apartment across the country from me, and will do a better job than the last 2 professionals that I hired. She knows the difference between there, they’re and their. She would never use to in place of too. She proofreads her work. So, three problems solved and a year end tax deduction.
As a business owner, have you thought about hiring your kids? They are a great source of labor, from filing and organizing to higher level skills like website maintenance. They might even do a better job than you can! It’s likely that they would be getting money from you anyway; why not get something for it, give them the satisfaction of having earned the money, and write it off on your tax return?