As a parent entrepreneur, you probably already know how crucial it is to manage your business finances efficiently. But what if you could reduce your tax burden AND teach your kids valuable life skills at the same time? That’s exactly what “Retire the Kids” is all about. Here’s how it works:
Tax Benefits for You
When you hire your kids to work in your business, you can pay them a reasonable wage for the tasks they perform, and those wages are deductible for your business. This lowers your taxable income, saving you money on business taxes. Even better, the wages you pay your children can be tax-free—up to a certain amount. It’s a smart tax strategy for parent entrepreneurs who want to build wealth while reducing their tax liability.
Building Wealth for Your Kids
Hiring your kids in your business isn’t just about saving on taxes. It’s also an investment in their financial future. By paying them a salary, you can also help them start saving for retirement—tax-free. With a Roth IRA or other investment vehicles, your kids can begin accumulating wealth at a young age. By the time they’re adults, they could have a sizable nest egg ready for their future.
IRS Compliance
One of the main concerns parents have when hiring their kids is making sure they follow the rules. The IRS allows you to hire your children in your business, but it’s important that the work is legitimate and age-appropriate. The wages need to be reasonable for the tasks they perform, and the work they do must be real work—not just a way to pass off money.
Our “Retire the Kids” course breaks it all down for you. We walk you through the legal steps to take, from setting up payroll to ensuring you’re assigning tasks that meet IRS guidelines. This ensures that you’re fully compliant while reaping the financial benefits.
A Path to Generational Wealth
The goal of “Retire the Kids” isn’t just about taxes—it’s about creating a legacy. By hiring your kids, you’re teaching them how to earn, save, and build wealth. You’re setting them up for financial independence, and you’re giving them a head start on a path that many don’t get until much later in life. Imagine the financial freedom they’ll experience by starting their retirement savings at age 10!
Get Started Today
Ready to start saving on taxes while setting your kids up for financial success? “Retire the Kids” gives you all the tools you need to make this strategy work for you. Start building your family’s wealth today!
