How to make your child a $5 millionaire,

with NO TAX to your child,

deductions for you,

on an amount less than your bar tab...

***Thread***

You need to be a business owner to do this.

You need to employ your child to do this so they can contribute to a ROTH IRA.

There are a few things you can employ your child to do.

On easy example is being a "model" in your business marketing materials. Think happy family pics.

Create an employment contract with your child for being in your marketing materials.

Pay your child $6,000/year (must be a market rate of pay). This is deductible to your business so net a couple $100/month.

Contribute this money to a ROTH IRA in your child's name.

If you do this from birth to 18 years old, those 18, $6k tax deductible payments you made then become...

$5M when the child is 65.

This money will never be taxed. $5M, never taxed!

Be kind to your friends and RT this.

DMs are open.

This thread is the type of planning you want from your tax advisor. https://twitter.com/AskForTaxAdvice/status/1308489679176708097?s=20