As a parent entrepreneur, every dollar you keep is a dollar you can reinvest into your family’s future.
But too many business owners miss out on easy, legal tax strategies simply because they don’t know about them.
Here are three tax hacks every parent entrepreneur should know:
1. Hire Your Kids:
Legally hire your children in your business and pay them up to $14,600 per year tax-free (2024 limit). It’s a deductible business expense for you — and tax-free earned income for them!
2. Home Office Deduction:
If you use part of your home exclusively and regularly for business, you can deduct a portion of your rent or mortgage, utilities, WiFi, and more. Even small deductions add up over time.
3. Business Travel Write-Offs:
If your family trip includes legitimate business activities like conferences, client meetings, or business development, parts of your travel, lodging, and meals may be tax-deductible.
Final thought:
Working smarter — not harder — is the name of the game.
Use the tax code to build wealth for your family instead of losing money to Uncle Sam unnecessarily.
