#468 25 Tax Strategies The Wealthy Know (and you don't)
Main Street Business
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Tax Strategy: Paying Kids Under 18 and Utilizing a Roth IRA
In this chapter, they discuss the tax strategy of paying kids under 18 for their involvement in a small business or rental property, highlighting the potential tax deductions and no tax bracket for the children. They suggest putting the money earned by the kids into a Roth IRA to teach them about investing and take advantage of long-term growth. Accountants are reminded to learn and embrace this strategy.
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Transcript
