Wife is looking to start paying our kids through her childrens clothing business (they model the children's clothes, it's legit). We want take advantage of the tax laws allowing for them to earn income based on standard deduction and then use the funds to pay for their schooling, after school activities and then save some. Any recommendations on best account to open for them, if needed? Don't want to create a complex paper trail but heard we can just issue a 1099 and show funds leaving account...doesn't matter where it goes. Is this accurate?
