Welcome to another enlightening episode of Tax Blueprints, hosted by Daniel Rohr, a leading CPA, Personal Financial Specialist, and Enrolled Agent. In this episode, we explore the lesser-known but incredibly powerful concept of establishing a Roth IRA for children.
As a tool typically associated with adult retirement planning, a Roth IRA can also be a strategic investment for securing your children’s financial future. Learn about the specific rules, the benefits of early contributions, and how the account can grow to astonishing amounts by retirement age.
Moreover, discover how hiring your child in your business works. From paying reasonable wages to understanding exemptions from Social Security and Medicare taxes, this episode breaks down the intricate details of this financial strategy.
Whether you’re an entrepreneur seeking innovative tax strategies or a parent aiming for a financially secure future for your children, this episode provides insightful guidance and practical examples to navigate the complexities of Roth IRAs and child employment in family businesses.
Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.