Hiring Your Spouse & Kids: Big Opportunities and Big Mistakes to Avoid
Today we’re answering a smart question from a viewer about hiring a spouse or children in a family business. When structured properly, this strategy can create significant tax advantages and strengthen retirement savings. However, it also carries risks if not handled correctly. In this episode, Rob breaks down how to navigate the legal and financial details of hiring your spouse or kids, from the best ways to pay minors to structuring contributions to retirement accounts.
For many small business owners, hiring family members seems like a “no-brainer,” but without proper planning, it can quickly turn into a costly liability. Rob highlights the unexpected benefits of teaching your children financial literacy through real-world experience, along with important considerations to keep in mind. If you're thinking about bringing family into your business, find out how to approach it wisely and avoid common pitfalls.
Here’s what we discuss in this episode:
๐จ๐ฉ๐ง๐ฆ Structuring roles for kids and spouses in your business
๐ฐ Using family payroll to fund Roth IRAs and retirement accounts
๐ How to avoid IRS red flags with proper documentation and job duties
๐ซ Common mistakes that sabotage tax savings
0:00 – Intro
0:55 – Listener Question: Tax Benefits of Hiring Family?
3:58 – IRS rules and red flags to avoid
5:30 – Retirement planning advantages for the whole family
7:15 – Teaching kids financial lessons through real work
9:08 – Common mistakes and how to fix them
Helpful Resources:
Phone: 801-717-9237
Schedule your no-cost discovery meeting: https://www.axiowm.com/what-we-do
Get your copy of Rob’s books: https://www.axiowm.com/book
Let us speak at your next event: https://www.axiowm.com/speaking
Check us out on YouTube: https://www.youtube.com/channel/UCtidWpldZGUBLmr24oWy87Q
Subscribe & Follow The Show On Your Favorite Apps:
YouTube
Spotify
Apple Podcasts
Amazon Music
iHeart Radio
Podchaser
DISCOVER MORE...
