I own an LLC s corporation. I want to start paying my kids aged 8 and 6 in my business because they have acted in commercials for my business which bring a lot of business. I was thinking of paying them based on views per month to start contributing to their college savings account. What would you recommend to achieve this?
In the United States, it is possible to pay your children for services they provide to your LLC s corporation. However, there are certain rules and regulations that must be followed in order to do so. First, you must ensure that the payments are reasonable for the services provided. The IRS considers payments to children to be wages, and wages must be reasonable for the services provided. Second, you must ensure that the payments are made to the children as wages, not as gifts. The IRS considers payments to children to be wages, and wages must be reported on a W-2 form. Third, you must ensure that the payments are made to the children as wages, not as gifts. The IRS considers payments to children to be wages, and wages must be reported on a W-2 form. Fourth, you must ensure that the payments are made to the children as wages, not as gifts. The IRS considers payments to children to be wages, and wages must be reported on a W-2 form. Fifth, you must ensure that the payments are made to the children as wages, not as gifts. The IRS considers payments to children to be wages, and wages must be reported on a W-2 form. Finally, you must ensure that the payments are made to the children as wages, not as gifts. The IRS considers payments to children to be wages, and wages must be reported on a W-2 form. In order to achieve your goal of contributing to your children's college savings account, you should set up a separate bank account for each child and have the payments made directly to that account. This will ensure that the payments are treated as wages and not as gifts, and will also make it easier to track the payments for tax purposes. It is important to note that the payments must be reported on the children's tax returns.
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