So Money with Farnoosh Torabi 1755: The Best Time to Start a 529? Adding My Kids to My Payroll? (Encore)
Nov 29, 2024
Discover strategies for managing your children's financial futures, like adding them to your business payroll for tax benefits. Consider the pros and cons of starting a 529 college savings plan close to college time. Debate between a 529 plan and certificates of deposit for education expenses. Plus, get insights on handling a 401(k) that's being discontinued. Engage with personal finance topics tailored for families, and prepare for the new year with practical budgeting tips!
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Adding a Child to Payroll
- Consider adding children to your business payroll for tax benefits and Roth IRA contributions.
- Ensure work is legitimate, wages are reasonable, and comply with IRS guidelines and child labor laws.
Child Influencer Law
- Illinois now requires parents using children in monetized social media content to set aside earnings.
- This law aims to protect children from financial exploitation in influencer marketing.
Short-Term College Savings
- For short-term college savings, consider conservative 529 plans, high-yield savings, or CDs.
- CDs offer fixed returns, while high-yield savings provide more liquidity but fluctuating rates.