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