Smart Tax Strategies for Business Owners with Families
Turn Family Life Into Financial Leverage
Running a business while raising a family is no small feat—but it also opens the door to powerful, often-overlooked tax strategies. At [Your Firm Name], we help business owners like you unlock legitimate, IRS-approved ways to reduce taxes, build generational wealth, and create a legacy—all while staying compliant and strategic.
Business
Aviation
Commercial
Business Owner Policy
Business Operations
Mergers and Acquisitions
Crime
Cyber
Directors and Officers
Environmental
EPL Insurance
Errors & Omissions
Fiduciary Liability
General Liability
Kidnap and Ransom
Marine
Medical Malpractice
Professional Liability
Surety Bond Insurance
Trade Credit
Worker's Compensation
Top Family-Focused
Tax Strategies
1. Hire Your Children
Employing your kids in your business can turn allowance into tax-free income and business deductions.
✅ Up to $15,000/year tax-free for your child
✅ No FICA taxes (in certain structures)
✅ Roth IRA contributions for early retirement savings
✅ Real work = real savings
Case Study: A client hired her 14-year-old son for social media work. She deducted $12,000 in wages, contributed $6,000 to his Roth IRA, and saved nearly $5,000 in taxes.
2. Create a Family Management Company
Employing your kids in your business can turn allowance into tax-free income and business deductions.
✅ Up to $15,000/year tax-free for your child
✅ No FICA taxes (in certain structures)
✅ Roth IRA contributions for early retirement savings
✅ Real work = real savings
Case Study: A client hired her 14-year-old son for social media work. She deducted $12,000 in wages, contributed $6,000 to his Roth IRA, and saved nearly $5,000 in taxes.
3. Set Up a Family Health Reimbursement Arrangement (HRA)
Use your business to reimburse family medical expenses tax-free.
✅ Deduct premiums and out-of-pocket costs
✅ Cover your entire family
✅ Choose from QSEHRA, ICHRA, or Integrated HRA options
Case Study: A consultant used QSEHRA to deduct $4,300 in family healthcare costs through her S Corp.
4. Maximize Education Tax Benefits
From 529 plans to tuition deductions, education-related tax planning can save thousands.
✅ 529 contributions grow tax-free
✅ American Opportunity & Lifetime Learning Credits
✅ Deduct up to $4,000 in tuition
✅ Coordinate with business income and employment
5. Plan Family Business Travel
Combine business trips with family time—legitimately.
✅ Deduct your travel, lodging, and meals
✅ Allocate expenses between business and personal
✅ Create educational experiences for your kids
Case Study: A consultant deducted $1,550 from a family trip to Orlando by structuring 4 of 7 days as business-related.
6. Use Dependent Care Benefits
Your entity type affects everything—from hiring your kids to accessing fringe benefits.
✅ Sole Proprietorships: Great for hiring kids under 18
✅ S Corps: Combine salary + distributions
✅ C Corps: Maximize fringe benefits
✅ Family LLCs: Shift income and plan for succession
Your entity type affects everything—from hiring your kids to accessing fringe benefits.
✅ Sole Proprietorships: Great for hiring kids under 18
✅ S Corps: Combine salary + distributions
✅ C Corps: Maximize fringe benefits
✅ Family LLCs: Shift income and plan for succession
Your entity type affects everything—from hiring your kids to accessing fringe benefits.
✅ Sole Proprietorships: Great for hiring kids under 18
✅ S Corps: Combine salary + distributions
✅ C Corps: Maximize fringe benefits
✅ Family LLCs: Shift income and plan for succession
7. Choose the Right Business Structure
Your entity type affects everything—from hiring your kids to accessing fringe benefits.
✅ Sole Proprietorships: Great for hiring kids under 18
✅ S Corps: Combine salary + distributions
✅ C Corps: Maximize fringe benefits
✅ Family LLCs: Shift income and plan for succession
8. Navigate the Kiddie Tax
Avoid tax traps when shifting income to children.
✅ Prioritize earned income over investment income
✅ Use Roth IRAs and growth-focused assets
✅ Coordinate with college planning
9. Use Retirement Accounts for College Flexibility
Retirement savings can double as a college funding backup.
✅ Roth IRA contributions are always accessible
✅ Solo 401(k) loans offer tax-free liquidity
✅ Maximize SEP, Solo 401(k), and Defined Benefit plans
9. Use Retirement Accounts for College Flexibility
Retirement savings can double as a college funding backup.
✅ Roth IRA contributions are always accessible
✅ Solo 401(k) loans offer tax-free liquidity
✅ Maximize SEP, Solo 401(k), and Defined Benefit plans
10. Plan Your Legacy with Estate Strategies
Preserve your business and wealth for the next generation.
✅ Use gifting, GRATs, and Family LLCs
✅ Shift business ownership tax-efficiently
✅ Protect assets and maintain control
Case Study: A business owner saved over $27,000 annually by combining an S Corp with a Family LLC and gifting interests to his children.
Why Choose Citrus Group?
At Citrus Group, we specialize in helping business owners with families turn everyday expenses into long-term financial advantages. Our integrated network of tax, legal, and financial professionals delivers proactive, personalized strategies that go far beyond basic compliance.
✅ Specialized in Family-Owned Businesses
We understand the unique dynamics of running a business while raising a family. From hiring your children to planning for college and succession, we tailor every strategy to your personal and professional goals.
✅ Integrated Tax, Legal, and Wealth Planning
Our team collaborates across disciplines to ensure your tax strategies align with your estate plan, business structure, and long-term wealth goals. We help you:
Set up family management companies
Optimize entity structures (LLC, S Corp, C Corp, FLP)
Implement estate and succession planning tools like GRATs and Family LLCs
✅ Proactive, Not Reactive
We don’t wait for tax season to deliver value. Our year-round planning includes:
Health Reimbursement Arrangements (HRAs)
Dependent care and education tax strategies
Kiddie tax mitigation and Roth IRA planning
Retirement planning with college flexibility
✅ Technology-Driven, Human-Centered
We use advanced tools to uncover hidden savings and streamline documentation—while keeping our focus on what matters most: your family, your business, and your legacy.
✅ Backed by a Global Network of Integrated Firms
Whether you operate locally or internationally, our integrated firm model ensures consistent quality, deep expertise, and seamless service across borders.
We Don’t Just Prepare Taxes—We Help You Build a Legacy
From maximizing deductions to creating generational wealth, Citrus Group is your partner in strategic tax planning. Let us help you turn your business into a family asset that grows with you.
Ready to Turn Your Family into a Tax Advantage?
Let’s talk about how we can tailor these strategies to your business and family goals. Let’s talk, click the link below to schedule a consultation and discover how proactive planning can transform your financial future.
Our unique approach, combined with the experience and expertise of our professional team, enables us to offer innovative solutions for our clients.
United States
Address – 16500 San Pedro Ave Suite 295 San Antonio, TX 78232
Tel –(888) 530-1930
Mailto– [email protected]
United Kingdom
Address – City Reach, 5 Greenwich View Place, London E14 9NN
Tel – +44 20 3930 8008
Mailto– [email protected]
Africa
Address – Ding City Carrefour Constantin, Matam, Conakry, Guinea
Tel – +224 626 491 724
Mailto- [email protected]
Citrus Group Global T/As Citrus Group.
Connected with us:
Copyright @Citrus Group Global 2025. All Rights Reserved.
Our unique approach, combined with the experience and expertise of our professional team, enables us to offer innovative solutions for our clients.
United States
Address – 16500 San Pedro Ave Suite 295 San Antonio, TX 78232
Tel –(888) 530-1930
Mailto– [email protected]
United Kingdom
Address – City Reach, 5 Greenwich View Place, London E14 9NN
Tel – +44 20 3930 8008
Mailto– [email protected]
Africa
Address – Ding City Carrefour Constantin, Matam, Conakry, Guinea
Tel – +224 626 491 724
Mailto- [email protected]
Citrus Group Global T/As Citrus Group.
Connected with us:
