How To Pay Your Kids $12k Per Year Tax Free
Did you know when you own your own business you can pay each child up to $12,000 per year tax free to them and a write off for you which saves you taxes?!Then you can take and invest that $12k per year and in an investment account (let’s say the stock market) yielding on average 7%, and let’s say you started from your child’s birth. By the time your child is 18, you will have put $12k per year into their investment account, $216,000 total, which while earning compounding interest of 7% per year results in the investment account being $407,988.I don’t know about you but I could have used $407k when I was 18.You can also use the $ to invest in rental real estate. Gotta listen to the episode for tips!All of this is made possible by a really good CPA. If you are a 6 or 7 figure entrepreneur that owns their own business, I’d encourage you to reach out to Greg O’Brien at GO CPAs. Link is below.https://www.gotaxplanning.com/Timestamps:[1:18] How you can pay your child $12k every year.[4:49] You can do this for every child.[8:43] Buying your child an investment property. --Let's Connect!To get more info and updates on the podcast@gettingmagneticFollow our personal Instagram accounts@sandyclaus7@wellnesswithwadeCheck out our website for all things Getting Magnetichttps://www.sandyandwade.com/