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Are you considering hiring a loved one? How do you enter into a business relationship with your child? How do you navigate protecting the relationship as well as the work quality?
In this podcast episode, Joe Sanok speaks about how you can reduce taxes by hiring your children.
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In This Podcast
- Find a good accountant and attorney
- Hiring your child as a W2 or 1099
- Plan for emergencies
Find a good accountant and attorney
First and foremost, if you are growing your practice from solo to group or even hiring another clinician or virtual assistant, consider consulting with an accountant or an attorney.
They can help you with the best financial and legal advice as well as help you save money the smart way. One of these ways is to “hire” your children as 1099s or W2s into your private practice.
Hiring your child as a W2 or 1099
- Set up a payroll system whenever you hire W2 employees, like Gusto.
- Write up a hiring contract as if your child was any other employee.
- Create a business associates’ agreement for confidentiality.
- Discuss a plan to handle potential issues
- Be clear on the roles that they have in your business
Plan for emergencies
One thing in hiring friends or family members is to talk through what could go wrong before you hire them. (Joe Sanok)
Hiring loved ones can be fun, but it is important to discuss how you would protect both the friendship and business were something to go wrong.
Consider doing a three-month trial period to see if you are both comfortable with the setup.
If you are hiring your [child] make sure you know how [giving] feedback is going to happen? How can you put on the business hat and take off the [parent] hat? (Joe Sanok)
Be clear on the expectations and the outcomes.
Useful Links mentioned in this episode:
- Use promo code ‘JOE’ to get three free months to try out TherapyNotes, no strings attached!
- Ask Joe A Question!
- Find out more about Gusto, Lastpass, Trello and How to Fascinate!
Check out these additional resources:
- The Science of Deepening Love and Connection in any Relationship with John Howard | POP 696
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Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
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