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IRS Rule: Pay Your Kids Tax-Free (Legal Business Hack)

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Manage episode 483090403 series 2831232
Content provided by Rich Smith. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Rich Smith or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.

🔥 TAX HACK ALERT: The IRS actually allows business owners to pay their kids tax-free when done correctly. In this video, I break down the exact strategy my accountant Jeff taught me about legally hiring your children, saving thousands in taxes, and building generational wealth.

👶 Learn how to:

- Pay your kids through your business (tax-free under certain conditions)

- Deduct their wages as legitimate business expenses

- Set up Roth IRAs for their future millionaire status

- Avoid costly audit triggers that most parents miss

💰 **RESOURCES MENTIONED:**

- Gusto Payroll Services: https://teachingmillionaires.com/recommends/gusto

⏱️ CHAPTERS:

00:00 The tax-free strategy revelation

01:25 How the tax exemption works financially

02:25 Age-appropriate jobs for kids in your business

04:20 Three critical IRS rules to follow

06:18 Roth IRA advantages and compound interest

07:16 Balancing money lessons with childhood

08:30 Building generational wealth beyond taxes

08:58 Recommended payroll services

09:24 Next week preview & final thoughts

#TaxStrategy #FamilyBusiness #FinancialLiteracy #HireYourKids #GenerationalWealth

⚡️ Connect with Rich:

▶️ Subscribe for weekly financial insights: https://teachingmillionaires.com/youtube-subscribe

📱 Follow on Instagram: https://teachingmillionaires.com/instagram

✖️ X: https://teachingmillionaires.com/twitter

📘 Facebook: https://teachingmillionaires.com/fbgroup

🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

  continue reading

102 episodes

Artwork
iconShare
 
Manage episode 483090403 series 2831232
Content provided by Rich Smith. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Rich Smith or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.

🔥 TAX HACK ALERT: The IRS actually allows business owners to pay their kids tax-free when done correctly. In this video, I break down the exact strategy my accountant Jeff taught me about legally hiring your children, saving thousands in taxes, and building generational wealth.

👶 Learn how to:

- Pay your kids through your business (tax-free under certain conditions)

- Deduct their wages as legitimate business expenses

- Set up Roth IRAs for their future millionaire status

- Avoid costly audit triggers that most parents miss

💰 **RESOURCES MENTIONED:**

- Gusto Payroll Services: https://teachingmillionaires.com/recommends/gusto

⏱️ CHAPTERS:

00:00 The tax-free strategy revelation

01:25 How the tax exemption works financially

02:25 Age-appropriate jobs for kids in your business

04:20 Three critical IRS rules to follow

06:18 Roth IRA advantages and compound interest

07:16 Balancing money lessons with childhood

08:30 Building generational wealth beyond taxes

08:58 Recommended payroll services

09:24 Next week preview & final thoughts

#TaxStrategy #FamilyBusiness #FinancialLiteracy #HireYourKids #GenerationalWealth

⚡️ Connect with Rich:

▶️ Subscribe for weekly financial insights: https://teachingmillionaires.com/youtube-subscribe

📱 Follow on Instagram: https://teachingmillionaires.com/instagram

✖️ X: https://teachingmillionaires.com/twitter

📘 Facebook: https://teachingmillionaires.com/fbgroup

🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

  continue reading

102 episodes

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