Earn Your Leisure

Welcome back to another insightful clip of Earn Your Leisure (EYL)! In this clip, we're diving deep into a strategic yet often overlooked tax-saving method: hiring your children. Our special guest, Ms. Business, and host Rashad Bilal walk you through how you can benefit from hiring your children, while also investing in their future.*Key Takeaways:*1. *Hire Your Children for Tax Benefits:*In 2024, you can pay your child up to $14,600 without it being taxable.The money cannot be used for essentials like food and shelter, but can be used for extracurricular activities.2. *Triple Tax Deduction Strategy:**Business Tax Deduction:* Paying your child is a deductible business expense.*Non-Taxable Income for Child:* The income is non-taxable for your child as it's under the standard deduction limit.*Roth IRA Contributions:* Investing this money into a Roth IRA leverages compound interest, providing a tax-free growth and withdrawal in the future.3. *Eligible Ages and Roles:*While there's no strict age limit