Your kids and other family members can earn savings too! The minimum age for hiring a child is just seven years old. No kidding! That doesn’t mean you should have your middle schooler working 9-5 at the office every day, but the rules allow you to include your children in your business strategies so that you can legally earn deductions.

This allows them to start saving early, and even helps to encourage good work habits. Your children can earn up to the standard deduction amount for a single taxpayer (roughly $6,350 per year) without paying any income tax at all. And earned income isn’t subject to the dreaded “Kiddie Tax.” A comprehensive tax plan will determine how to pay your child, how to document it, and even where to put the money once you’ve paid them.