Colin Exelby, CFP® discusses how to strategically hire your child in your business to get tax savings for you now and for your kid FOREVER. By using the tax code for what was intended, you can create taxdeductible expenses for your business, taxfree income for your child, and taxfree compounded growth for their future by using a custodial Roth IRA and 529 Education Plan. Learn about the family management company and more...

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Time Stamps :

1:30 Advantages of Having Your Children Work in the Business Early
2:33 What age can a child begin working in a business?
2:45 How much can children earn taxfree?
3:18 Standard Deduction for Individuals (2021)
3:59 TaxFree Income for Children Strategy Example
7:40 Qualified Business Income Deduction
8:57 What Procedures to Follow when Employing a Child Under 18?
11:11 How should your child Receive the Funds?
13:10 What if the Business is Incorporated?
14:53 Hiring your child who is over 18
15:55 How to Invest the Funds?
19:17 Potential Impact of Financial Aid

I am a Certified Financial Planner Professional™ or CFP®. See the Forest Through the Trees is a personal finance, health, and wellness blog and YouTube Channel that aims to help you see the bigger picture. My goal is to help you think outside the box about your life, your money and your health to be the best you can possibly be.

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