How to pay family members and write it off on your taxes

[@BraidsByPuffQueenKayla]

I got an L.L.C last year because my oldest wanted to work. We filed taxes on the L.L.C this time . What is my part? I did personal taxes but do I do business taxes now since she filed ?

[@irenereyes4342]

What if I pay directly to my grandchild for cleaning my office? He is 8 years old...

[@tulipthorn]

Okay, this I get. I just need to go back and listen to the part where the parent doesn't get stuck paying taxes for it. This is great. Learning new things. Thanks again.

[@jewelnurse101]

Goodness, this is a smart young lady. I’m subscribing and putting my notification on for upcoming videos.

[@laurapitko6404]

Hello MakeOvers By Jewel, thank you for your support, looking forward to bringing you more value :)

[@taguarilopez]

Can I pay my mother in law and use this strategy to help around the house?

[@saulgoodman2018]

So would this still apply after these new tax changes?

[@AimeeMarsh-m5y]

Very helpful. I don’t have children but I’d like to help my nieces and nephews

[@riperhali]

Does this work if your kid is 18 plus? Or if you cousin/ nephew is out side of USA?

[@DavidforHim]

For the parent filing a schedule 'C' and claiming the entire $6K as business expenses --- wouldn't that me unethical? Am I missing something? thanks.

[@laurapitko6404]

This is legal and ethical.

[@nancypritchard7575]

Schedule Cs are also red flags for audits. Be careful.

[@growingawareness]

Can you go over the part about buying real estate with a Roth?

[@tankanghwa]

Laura, what legal reason can you use to pay the parent of the child with 1099? What legal reason can the parent use to write off the money given to the child as business expenses? Does the parent also have to have a business entity (sole prop, LLC, or S corp) to do this transfer?

[@laurapitko6404]

Joseph, all your questions will be answered in this book: "What Your CPA Isn't Telling You: Life-Changing Tax Strategies": TO GET THIS BOOK CLICK THE LINK - goo.gl/NxyopY

[@beeman1350]

I know this is a stupid question but would you please explain all the account options what they are like llc or sole prop. 1099 form schedule c. Please explain I'm new to all this. Thanks

[@laurapitko6404]

This book will really help you, What Your CPA Isn't Telling You: Life-Changing Tax Strategies: TO GET THIS BOOK CLICK THE LINK - goo.gl/NxyopY

[@rashaunraymond8103]

Laura- if the child is a model for the company product can they be younger than 6 yrs?

[@laurapitko6404]

Yes!

[@jean-simondoiron2783]

Great content Laura really happy I found your channel! Looking foward to your next video! Keep doing those awesome explanations.

[@laurapitko6404]

Hi Jean-Simon Doiron, I look forward to providing you with more value.Thank you for your support of my channel!

[@raulalvarezmerino9938]

I enjoy watching your video! so much to learn when you think you know it all.

[@losangelesexotic]

Very smart. Can you make a video on how to properly set up an LLC pass-through for tax purposes? I think this would tremendously help your subscribers with the new tax laws going in to effect. This will also save them a great deal of money while getting them organized and educated in the world of business and finance. You're doing an awesome job, keep up the great work! I just joined your channel and I'm already sharing your videos with friends and family👍👍

[@laurapitko6404]

Thank you, video on this topic to come soon! I appreciate the support!

[@DavidisDawei]

None of your social media links in the description work

[@DatGorz]

I love this channel. Please make more videos 🙏🙏

[@overlycreative1]

This is a great series and you perfectly present the subject. Thumbs up and sub'd.

[@motivationmadness5002]

Love your content! Looking forward to the next video!

[@nicholascampbell90]

You have great information! Thank you!

[@laurapitko6404]

Hello Campbell, thank you for the support.

[@makingdecisons1677]

Thank you Laura!!!! Saying hi from Tampa, FL

[@laurapitko6404]

Hi Nicolas Betancur :)

[@pakosilva373]

Please make a video on how to make a monthly budget....

[@DrFinancialLiteracy]

Amen!

[@wanderfulllife2407]

What if you set up your llc as an s corp? Everything you've offered thus far is extremely good information. Thank you.

[@laurapitko6404]

You can turn an LLC into an S-Corp, then just apply the steps for this strategy for an S-corp

[@jasonshubert9809]

Great info!!!

[@mykitchen8540]

Can a husband pay the wife (a stay at home mom)??

[@laurapitko6404]

Yes, you can, but she would have to provide some sort of a service for your business, so if there is something she can do to help you, she can definitely get paid, and that can be a tax write off for you.

[@sugarsimmons2285]

1099C

[@DrFinancialLiteracy]

Amen!

[@lf3566]

Beauty and brains = I'm in love

[@PABallLandlord]

Hello, thanks for the information. When paying off the kids, can I just use the 6k for whatever I want to use it for? Also, if I'm using a family member's kid, do I just have them pay me the money back? Is the sole purpose to decrease my taxable income?

[@laurapitko6404]

The purpose is to keep the money within the family, by hiring family members (kids) to help with your business, pay them a salary so the kids have income. The win for you is that you are helping your family and getting a tax write off so the kids would have earned the money so they shouldn't give this money back to you.

[@DrFinancialLiteracy]

Amen!

[@fluent_In_finance]

I want to pay my parents in another country but I don't wish to "hire" them. I want to write off the $ I have to spend to take care of them.

[@Interestingworld4567]

Thank You

[@EntrepreneurInvesting]

Very informative Laura!

[@febeandfamily]

New Subie here. Love your video. Please make a video "when is the best time for sole prop to become LLC or other business entitle and what is the minimum income/profit to become one ". Thank you

[@laurapitko6404]

Thank you, will make a video on this topic, but to answer your question graduate from a sole prop into an entity when you net 40K.

[@antares9413]

Please make more video .

[@wonderfullife66779]

thank you laura you good i just subscribe in your channel thanks

[@Exodus.1337]

Damn Laura

[@Northdallasguy00]

I want a wife that looks like her and is as smart as her.

[@js4581]

Which country are you from?

[@GunclePat]

Your english is very impressive -- what's your native tongue, and do you speak more than two?

[@laurapitko6404]

Hello, Lithuanian.

[@GunclePat]

Oh cool! I've wanted to visit Vilnius -- it looks like a much nicer version of where I live haha.

[@pakosilva373]

Smart and beautiful!!!

[@antares9413]

And make translate u r videos o put subtitle in Spanish . Thanks lady

[@truthseeker3397]

I feel like if a nigga does this, he's going to jail.

[@DrFinancialLiteracy]

Amen!

[@johnkeremes9522]

Does it work if I own a coal mine and I need the kids to get the coal that only little hands can reach? Ha (just kidding) Never thought of this loophole before. Good for you Laura.

[@saulgoodman2018]

So basically, this is the grey area of how to get around child labor laws.

[@DrFinancialLiteracy]

Amen!

[@LSPNUEMA]

I love finance now

[@N3XT]

You Are the cuttest think i have seen 🙂

[@saulgoodman2018]

This seems a little shady.

[@OneAndOnlyMe]

That is really useful info! (As a guy I apologize for the perv comments from others, one day we'll not have to put up with such non-sense.)

[@DrFinancialLiteracy]

Amen!

[@TRUYORK718]

Throat GOAT

[@smarthalayla6061]

Hi Laura dear. I strongly suggest you to watch the first 15 minutes of this movie if you haven't already. kzbin.info/www/bejne/fpPZdKuDm8h-rJY

[@SergioSanchez-gk9fk]

Sheyla

[@chachee15]

you look like a young Melania Trump. Damn you are gorgeous.

[@maxyem9216]

Wow smart and gorgeous. Where are you from?

[@nealusn8679]

Yeah, smart and beautiful! My guess is: she is from Ukraine.

[@chungchan2678]

yes she definitely sounds like shes from Ukraine?

[@shampowah]

She's a lithuanian

[@dynamico1981]

Laura, can we write each other off, I write you off, and you write me off? I just want to put money in both our pockets.

[@RealEstateInvestingUnmasked]

You misunderstand the concept.