Adding Your Children to Payroll
Another way to optimize your payroll is by adding your children to it. This can help them gain benefits such as understanding the family business and working at a young age. However, it's essential to pay them a reasonable wage based for their work, pay them regularly and to document everything. Simplify365 can help you navigate the legal and financial requirements of this strategy.
Want to learn more about how adding your children to your payroll can benefit your business and family? Check out our recent blog, "The Real Value of Hiring Your Children"
Retirement Planning Opportunities
At Simplify365, we can help you maximize your compensation and retirement savings through purposeful payroll strategies and retirement plan design. We can assist with your fiduciary duties, create custom investment menu options, and customize the plan design using defined contribution and defined benefit solutions to support your tax planning strategy. Through this strategic approach, you can even maximize your retirement plan savings with tax-free options, such as the election of a Roth and customized plan design provisions.
Please watch this clip from a recent webinar where John Vance, President of Vance Wealth, runs through some hypothetical situations to show you in real-time the value that adding children to the payroll can bring to your business, your children, and your retirement.
We aim to help you achieve long-term financial success through smart payroll optimization and strategic retirement planning. Contact Simplify365 today to learn how we can help you achieve your financial goals.
Vance Wealth, Inc is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Vance Wealth and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.
Figures produced using our internal calculator vary based on the following assumptions. The business owner has a separate business entity, the business owner owns a house, the business owner does not use their primary residence as their primary place of business, the business owner is filing as married filing jointly or single, the business owner’s savings may vary based on their taxable income, tax bracket, rental price and days home rented to the business. The figures used are generalized and not indicative of actual results, which may differ substantially. This does not reflect the impact that material economic and market factors may have had on decision making. The results shown were achieved by means of a mathematical formula. If you qualify for a QBI deduction your net benefit may be reduced.