1099 CRNA Institute: Thrive as your own boss-Can and Should I Employ my Family?

Video Transcription

Video Summary

The discussion revolves around employing family members in a business for potential tax benefits, focusing on spouses and children. It highlights the changes in tax laws and deductions, emphasizing the significance of having bona fide employment roles and following proper documentation. For spouses, the key advantage is enabling retirement savings, while employing children under 18 can lead to substantial tax savings due to their standard deduction. Considerations vary for different business structures, such as S corporations and partnerships, affecting FICA and unemployment taxes. Overall, strategic employment of family members can result in tax efficiencies and financial gains for both the business and the family.

Asset Subtitle

As a 1099 independent contractor Certified Registered Nurse Anesthetist (CRNA), you have the flexibility to hire and work with others, including your family members, as long as you follow the applicable tax and employment laws.

Keywords

family members

tax benefits

employment roles

retirement savings

standard deduction