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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& #39;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& #39;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.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="đ€Ż" title="Explodierender Kopf" aria-label="Emoji: Explodierender Kopf"> $5M, never taxed! https://abs.twimg.com/emoji/v2/... draggable="false" alt="đ€Ż" title="Explodierender Kopf" aria-label="Emoji: Explodierender Kopf">
$5M when the child is 65.
This money will never be 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">https://twitter.com/AskForTax...
