Once your child works and starts making money, parents will often be advised or will consider setting up a loan-out corporation for their child. There are tax benefits at higher incomes (over $200,000, possibly $300,000) but for the average child actor, even one on a series, incorporating too soon doesn’t make sense and in the end will cost your child more money. A corporation not only can result in tax benefits, it also protects your child from legal liability. It’s not something to be done lightly or without a lot preparation.
For more information on incorporating a child, read the very thoughtful comments from a parent who has done the research and understands the process.