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The Practical Perks of Involving Your Children in Your Business

Inspired by this week’s Moms Making Six Figures Podcast episode with Tax Strategist Jessica Smith who believes in making your money work as hard for you as you work for it, all while giving our children the gift of practical experience and work ethic.


I can still remember my first job.  There was no W-2, no new hire paperwork, no cash exchanged.  The contract was made between my parents and their dear friend, recently widowed, over a handshake and through tears of gratitude.  I mucked horse pastures, and cleaned stalls for an entire summer of Saturday’s in exchange for hot tub privileges.  In hindsight I know exactly what my parents were doing and I hope to be able to do the same for my children.


The Perk of Perspective

As parents we ask our children about their day, their academics, their athletics, and their friends, but it’s important that we share our lives with them as well.  By opening these reciprocal conversations, we offer our kids a window into the reality of work and making a living (and a life) for ourselves, and for them.   These conversations develop empathy and gratitude, and lay a valuable foundation for successful communication with others.

The Perk of Practical Experience

The workforce is rapidly evolving and so are the skills required to be successful; by involving our children in our businesses and in our daily work rhythms, we provide them with valuable knowledge and practical experience to advance their own careers when they choose to enter the workforce.  Many of our children have a variety of foundational skills, but lack the ability to hone them or apply them in a different context without direction and support.

Think of the variety of tasks you and your employees perform in any given day and begin teaching your children those same skills you now consider to be rote; you can develop their skill set as their interest and ability grows.

The Perk of Principles Learned

We’ve all experienced our own share of failures as working professionals (and as parents), and sometimes the sting is worse than others.  By teaching our children principles of the business world and developing their work ethic early, we offer them a safe place to take risks, and make mistakes, before a future employer or client delivers their first critique or negative review.

Start with a seemingly simplistic, but essential skill for everyone who is self-employed.  Teach your children how to create an invoice, disperse it, and collect on it for the work they are doing in your business.  A valuable skill set is learned, and responsibility and ownership over their agency as an employee is instilled.

The Perk of Parenting in a New Way

As parents we know the painful reality of the adage, “The days are long, but the years are short” and many of us are feeling stretched to find intentional time with our children with all the hats we wear.  Bringing our children to work and including them in our business, allows us more time with them when time is fleeting, and allows us to bond with them and strengthen our relationship in an entirely different way.  They get to see a different side of you, and you get to see the person they are becoming.

The Perk of Pennies Saved

If you are a sole proprietor or LLC, and your child is under 18, you can hire your child as an employee without paying social security or Medicare taxes, and write-off their work as a business expense.  Of course, you will want to discuss the specifics with your accountant and ensure the work they are performing is reasonable considering their age. If your children earn less than $12,000 (the standard deduction on any tax return), they have no tax liability. Better yet? You can teach your children the value of financial investment and saving by establishing a 529 College Savings Plan with a portion of their earnings to help them (and you) save for their future.

The Perk of a Passion Ignited

In addition to instilling the foundations of work ethic, from learning to report to someone else, performing a task as directed, and showing up prepared and on-time, you may also spark your child’s passion for their future education or career endeavors. Author and speaker, Ramon Ray, gave his son the opportunity to accompany him on work travel and shoot video, and later edit that footage, “I told my son that I had a number of people I could turn to for video editing but that I’d give him a week to do several videos.  After that, I’d turn to my regular video editors.  He did the videos.”

Opportunities present themselves in any number of places, whether it’s in a conversation with a colleague while they’re organizing your filing cabinet, a spark of innovation while cleaning the office space, or a passion for social media marketing ignited when they take over your business Instagram for the day, your habit of making “Bring Your Child to Work Day” a normal rhythm of your life (and theirs) may just jumpstart their road to discovering their purpose.


Mucking horse pastures and cleaning stalls instilled a deep appreciation within me for manual laborers and their often thankless work.  Sacrificing my Saturdays helped me to understand the value of putting others before ourselves, and looking back on my first job I am filled with gratitude for my parents and their wisdom, and now have some of the fondest memories of ‘swimming’ in an indoor hot tub.

Finance Money Taxes

Simple Ways to Manage Expenses So Tax Write-Offs Are Easy

Life is expensive—and even more so when you have kids. Does it seem like your expenses just keep piling up? Wouldn’t it be nice to easily locate permissible tax write-offs come tax season?

Now that it’s a new year, it’s a good time to take charge of and manage your expenses. We all know the benefits of managing our spending, such as getting out of debt or increasing our savings. But did you know that there’s the added benefit of simplifying your tax write-offs?

With all of your spending clearly tracked, locating expenses that can be written off on your taxes will be a piece of cake!

Filing taxes can be time consuming and an outright drag, but with a few simple changes to your spending (and banking) habits, you’ll soon be breezing through the process. Here’s our list of life hacks on for managing expenses to make tax write-offs easy!

Up Your Budgeting Game: Embrace Technology

You’ve heard about the importance of budgeting—it’s nothing new and remains important. Technology exists to make your life easier, so why not apply technology to ease the stress of budgeting?

There’s a wide range of free financial software available nowadays to help you track your expenses—some of our favs are Mint, LearnVest, and mvelopes. Features include links to bank accounts and automatic calculation of income and expenditures. If you mostly use cash, many apps allow you to manually input information. Data is presented in charts and graphs that are so clear and easy-to-read, your 5-year-old could probably make sense of them.

When it comes time to file your tax returns, all of this data can be easily retrieved. Just remember, setting a budget is easy, but the most important thing is sticking to and frequently reevaluating it.

Switch to Debit Cards

When it comes to credit cards, many of us have a bad habit of maxing them out and only paying the bare minimum. This means you’re spending more than you have, which only increases your debt. If you must use a credit card, charge only what you can afford to pay off in full. The more you can pay in full, the fewer payments you have to keep track of for tax purposes.

Making the switch to debit cards is easy and has the added benefit of hard spending limits. This is particularly helpful if you don’t trust your spending habits, or those of your kid who’s away at college!

Record as You Go

When it comes to tracking your expenses, it’s best to record them as soon as they occur. If you wait to record your purchases from your receipts (and let’s be real, who saves their receipts any more?!) at a later date, you’ll end up losing track of transactions or accumulating a huge disorganized pile on your living room table.

Tracking spending in real time not only ensures accuracy in your accounting (guaranteeing the most write-offs come tax season!), but also helps with accountability since you’re forced to record every dollar that you spend in writing.

Cancel All Unused Accounts

How many subscriptions are you paying for each month?

How many are you actually using and how many could you do without?

Oftentimes, we subscribe to a service and then forget about it. How can you keep track of your spending if you’ve completely forgotten what you’re spending your hard-earned dollars on? For example, if you subscribed to a magazine about newborns two years ago and your baby is now a toddler, that’s a subscription you can do without. Or that weight loss membership you haven’t used since last year? Good riddance!

Get the Family Involved

Involving all members of your family will help you feel more responsible by leading by example. Some ways to get the kids invested in smart budgeting include:

Teach your children to budget and keep track of their pocket money—an intuitive smart phone app can make this more fun.
Avoid giving your college kids a credit card. Instead, get them a debit card and teach them how to track their spending.
If your kids are old enough to run errands for you, make sure they have electronic receipts for any purchases emailed to you so that you can easily input the transactions into your finance management app.

By making sure everyone else is accountable for their spending, you’ll likely feel encouraged to be more responsible and organized yourself—helping you stay in better control of your spending.

How to Manage Expenses: Less is More

The bottom line is: The less disorganization and overspending you have to deal with, the easier it is to keep track of your expenses. The responsibility ultimately falls on you to keep your spending in check, which will help you keep your sanity when it’s time to file your taxes.

And who knows? You might just uncover a tax write-off you never noticed before! Cheers to that!