Hire Your Kids To Save THOUSANDS In Taxes... Here's How

[@LiamOlivia-4]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@claircourtway]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...

[@LiamOlivia-4]

@@claircourtway That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@claircourtway]

@@LiamOlivia-4 My advisor is VICTORIA CARMEN SANTAELLA; ..

[@claircourtway]

Victoria Carmen Santaella , lookup with her name online.

[@claircourtway]

Nah I Can't say I can relate, VICTORIA CARMEN SANTAELLA charge is one-off and pretty reasonable when compared to what I benefit in returns.

[@RedDragonProtection]

In January, I started keeping track of all my kids expenses, for payroll purposes.

[@dirtnastigarage1106]

I've been waiting for a video like this. Thank you!

[@mardelascott7936]

You are a breath of fresh air

[@EMILYL8850-fb5un]

Hit 200k? today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in last month 2024

[@kngbwsr]

Question Mark, so, with a child employee, paid as outside labor via a sole prop or smllc, how would you prove 'earned income' without a w-2 or 1099 and thus qualify for an IRA? Honest question. It's the last piece of the puzzle as you cannot contribute to any type of IRA without earned income. then by way of a follow up, in the Outside labor for the sp/smllc, would the child simply invoice the sp/smllc? or what would be proper documentation for the payment? (outside of the check being written/funds transfered)

[@simplylaura72]

I gave my kid $4,000 as payroll and my tax person only put that I gave her $500 because if not she needed to be a 1099 because it’s a new law for 2024. Not sure how true this is or if the accountant just wanted to benefit herself to make more money.

[@jalalsufan]

This is not true. Change your tax person.

[@aaronmitchell5119]

Where does this outside labor go on the Schedule C to avoid 1099?

[@DeadbeatGamer]

question, can you hire a service dog and or an emotional support animal? and if yes, is that a tax cut?

[@cazulan]

How would this work if I have an LLC taxed as an S-corp employing kids under 18; W2/1099 or outside labor?

[@antoinelabrada500]

Following…

[@mwelwakostrick6771]

S-Corps can't employ kids...what I was advised is to have my partner LLC invoice the S-Corp their salaries. I believe Mark mentions another way in the video as well.

[@Swing4TheRing]

But on IRS site - "If the business is a corporation, a partnership (unless each partner is a parent of the child), or an estate (even if it is the estate of the deceased parent of the child): Payments for services of a child are subject to income tax withholding, social security taxes, Medicare taxes and FUTA taxes regardless of age." Does this mean if I pay my kid from my LLC as "outside labor" like Mark suggests, the child would still need to file taxes at the end of the year even if they make under the standard deduction as a dependent?

[@N1493112]

Please post link to the IRS info. I am interested in the details.

[@samkeino6810]

Nice videos! Do you have to issue your adolescent kids (e.g., 16 yr olds) a 1099 for income of $13k per year even if they don’t file taxes and do you have to report this to the IRS?

[@KimberlyPham252]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.

[@RobertJenkins835]

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.

[@JeanelleMulligan]

She is my family's personal broker and also a personal broker in many families in United States, she's a licensed broker and a FINRA AGENT in United states.

[@PatrickVelazco]

You trade with Michelle Stewart too? Wow that woman has been a blessing to me and my family

[@LynnAnderson497]

I'm new at this, please how can I reach her?

[@fredgastrow]

I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much

[@AlexeyVedernikov]

Thank you for there great practical advise !

[@elliejohnson3815]

my Panamanian trust collects the income tax free. i use my credit card issued in bahamas to access the money. plus i get airline miles. any other system just foolish

[@MetalBum]

Why can’t you just pay through the S corp to the kids? Like a 1099 or something what’s big deal?

[@mardelascott7936]

We don’t have our s corp set up yet but we have a disregard llc, a rental property also in an llc. How can we capture them for 2023 because they actually worked in the business and we paid them. Help please

[@charliebrenneman7427]

If kids are close to being over 500/1000 hours it’s best to try to keep them under those thresholds to keep solo401k? Until at least they truly become full time employees and then get going with a new 401k plan?

[@ajamusic7322]

For an S Corp I get setting up a family mgmt co to pay my kids through, but wouldnt it also require filing a schedule C? Does my sole prop family mgmt co then bill the cost of the schedile c filing to my s corp?

[@seanm_smith]

I'm wondering about this to. A consultation call with a KKOS lawyer may be required to provide clarity on this.

[@jeanettemasontv1416]

Hey mark j Kohler 😊👋

[@nickbeyer4779]

What’s the youngest age you’d pay your kid at?

[@Swing4TheRing]

I think it's reasonable for a 3-5 year old be paid for simple services such as cleaning the work space, assisting in basic work functions (ie a lawn service and the kid is in charge of pulling weeds or throwing mulch), or even be paid for marketing services by attending a community event/business expo and the kid is walking around or behind the table wearing branded clothing/handing out flyers.

[@FLAC2023]

How about my wife?