Hire Your Kids To Save THOUSANDS In Taxes... Here's How
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- เผยแพร่เมื่อ 3 ส.ค. 2024
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00:00 - Introduction to Paying Your Kids
00:42 - Tax Strategy for Paying Your Kids
04:16 - Duties and Making Payments Legit
05:04 - The Trifecta Concept
06:14 - Paying Kids Under Age 18
08:37 - Paying Kids Age 18 and Older
13:04 - Involving Grandparents, Nieces, and Nephews
14:39 - Getting the Right Tax Advisor
15:57 - Teaching Your Children Financial Literacy and Small Business
I've been waiting for a video like this. Thank you!
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that's well prepared for any eventually, that's how some folks' been averaging 150k every 7week these past 4months according to Bloomberg.
Thank you for there great practical advise !
Hit 200k? today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in last month 2024
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal broker and also a personal broker in many families in United States, she's a licensed broker and a FINRA AGENT in United states.
You trade with Michelle Stewart too? Wow that woman has been a blessing to me and my family
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
In January, I started keeping track of all my kids expenses, for payroll purposes.
question, can you hire a service dog and or an emotional support animal?
and if yes, is that a tax cut?
Hey mark j Kohler 😊👋
How would this work if I have an LLC taxed as an S-corp employing kids under 18; W2/1099 or outside labor?
Following…
S-Corps can't employ kids...what I was advised is to have my partner LLC invoice the S-Corp their salaries. I believe Mark mentions another way in the video as well.
I gave my kid $4,000 as payroll and my tax person only put that I gave her $500 because if not she needed to be a 1099 because it’s a new law for 2024. Not sure how true this is or if the accountant just wanted to benefit herself to make more money.
This is not true. Change your tax person.
Where does this outside labor go on the Schedule C to avoid 1099?
For an S Corp I get setting up a family mgmt co to pay my kids through, but wouldnt it also require filing a schedule C? Does my sole prop family mgmt co then bill the cost of the schedile c filing to my s corp?
But on IRS site - "If the business is a corporation, a partnership (unless each partner is a parent of the child), or an estate (even if it is the estate of the deceased parent of the child):
Payments for services of a child are subject to income tax withholding, social security taxes, Medicare taxes and FUTA taxes regardless of age."
Does this mean if I pay my kid from my LLC as "outside labor" like Mark suggests, the child would still need to file taxes at the end of the year even if they make under the standard deduction as a dependent?
Please post link to the IRS info. I am interested in the details.
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I definitely will like to know more.
I feel this is quite an easy one. You already have her name which makes it easy for you. Just look up her name online. I’m sure you will come across her. That’s how I found her too.
You can also find her on
What’s the youngest age you’d pay your kid at?
I think it's reasonable for a 3-5 year old be paid for simple services such as cleaning the work space, assisting in basic work functions (ie a lawn service and the kid is in charge of pulling weeds or throwing mulch), or even be paid for marketing services by attending a community event/business expo and the kid is walking around or behind the table wearing branded clothing/handing out flyers.
How about my wife?
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that's well prepared for any eventually, that's how some folks' been averaging 150k every 7week these past 4months according to Bloomberg.