The Surprising Benefits of Hiring Your Kids

As a father of five children, I know all too well how expensive kids can be. It’s always, “Dad, can you loan me $20 for the movies?” or “I saw the cutest pair of jeans and they are only $350.”

How is a small-business owner supposed to keep the company lights on and keep the kids happy? Well, here’s one great way: hire your kids.

Image credit: Shutterstock

Your company can hire your kids, pay them $6,100 per year, and in most cases the business takes the write off and neither the kids nor your household is taxed on the wages.

Putting your kids to work provides some amazing benefits. Not only does it allow them to learn the value of work, but it also gives them insight into the family business and provides you with a pretty nice tax deduction. (It’s always a good idea to check with your accounting professional prior to taking business deductions.)

How to recharge this Christmas

As everyone gets ready for their Christmas break and those few precious days off grow tantilisingly close, things can get even more manic than usual.

And though you’ve set December 25th as the finishing line, organising family and elderly relatives, Christmas drinks and parties, present buying and wrapping and making sure you’ve got enough food in for everyone can mean you’re even closer to a meltdown than usual.

Recharge over Christmas so you're ready to hit the grown running after New Year ©Rex

But if you do have a few days off over Christmas, it’s the perfect time for a much-needed recharge of worn down batteries so make sure you head into he New Year ready to take it on.