First, a basic question.
Who has more free time?? You or your kids??
Your kids, you answered??
Well, put them to work!
Benefits of hiring your kids:
(1)Tax deductions for money you are already spending
Most parents give their kids an allowance. Some kids have to earn it, some don't.
Make sure you hire your kids to do appropriate work in your work at home business and include the allowance amount as part of their wages.
Thus, you are now getting a tax deduction on money you are already spending!
Say what?? It gets better!
You know those back-to-school outfits you have to buy your kids, because they have outgrown a lot of their clothes?? Well, what if you had them do an increased workload in your business by doing heavy online advertising over the summer when they have loads of free time. Make sure they understand that they have to take some of their increased earnings and buy their own back-to-school clothes! Everyone understands that employee wages are tax deductible business expenses, so you will now get tax deductions on money you are already spending!
See #3 below.
(2)Make your business more profitable Once your marketing system (lead capture pages, autoresponders, etc.) is set up your level of profitability will be determined by how much you advertise. Your kids can easily learn to use ad trackers and place advertising that you have already prepared. You can generate your own leads for yourself and your downline by directing heavy traffic through your lead capture pages.
(3)Make educational savings tax deductible Hopefully, your MLM opportunity has the potential to produce a heavy level of earnings. Your kids can generate substantial earnings. They should understand that part of their earnings should be saved for their future education, like college. When you master this technique, you have advanced to a level where you get tax deductions on money saved for your kids future tuition costs.
(4)Work with someone you love and trust Not much explanation needed here. It's very gratifying to work with your kids and see their business and personal skills develop.
(5)Your kids learn the value of money It doesn't feel good to say it, but most kids today, do not have an appreciation for the value of money. Any notion that you are a printing press that churns out money for your childrens' needs will be quickly quelled when your kids start working for all their income. You kids will develop an increased appreciation for how hard you work in providing for the family.
Warning! (1)Pay your kids by check (2)Have them keep and sign a time sheet to document work performed
You must have the proper level of documentation just like any other business.
Sample tasks you kids can perform
Different children mature at different speeds. You know your children best and can judge when they are ready to learn and perform the list of tasks above. The IRS guidelines state that once kids are 6 years old they are elidgeable to work in your home based business. Get them started now!!
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