The Complete Tax Savings Guide: Hiring Your Child with Colin Exelby, CFP®

Colin Exelby, CFP® discusses how to strategically hire your child in your business to get tax savings for you now and for your kid FOREVER. By using the tax code for what was intended, you can create tax-deductible expenses for your business, tax-free income for your child, and tax-free compounded growth for their future by using a custodial Roth IRA and 529 Education Plan. Learn about the family management company and more...

★☆★ Banking 1010: Opening first bank account for child video★☆★

★☆★ How to determine if you need to file a tax return★☆★

Time Stamps :

1:30 Advantages of Having Your Children Work in the Business Early
2:33 What age can a child begin working in a business?
2:45 How much can children earn tax-free?
3:18 Standard Deduction for Individuals (2021)
3:59 Tax-Free Income for Children Strategy Example
7:40 Qualified Business Income Deduction
8:57 What Procedures to Follow when Employing a Child Under 18?
11:11 How should your child Receive the Funds?
13:10 What if the Business is Incorporated?
14:53 Hiring your child who is over 18
15:55 How to Invest the Funds?
19:17 Potential Impact of Financial Aid

I am a Certified Financial Planner Professional™ or CFP®. See the Forest Through the Trees is a personal finance, health, and wellness blog and YouTube Channel that aims to help you see the bigger picture. My goal is to help you think outside the box about your life, your money and your health to be the best you can possibly be.

★☆★ Subscribe to the Blog Here ★☆★


Subscribe to the Channel Here:

➡️ ➡️Thumbnail Design Software⬅️⬅️

➡️ ➡️Green Screen and Lighting Kit ⬅️⬅️

➡️ ➡️Camera ⬅️⬅️

➡️ ➡️Editing Software ⬅️⬅️

KEYWORDS - How to get tax breaks by hiring your child,see the forest through the trees,financial planning for business owners,retirement planning for business owners,certified financial planner,cash flow management,debt management,celestial wealth management,colin exelby,retirement planning,retirement financial planning,vacation,retirement funds,retirement income,retirement withdrawal strategy,retirement plan,savings account,retirement spending,business owners,savings strategytips,saving tips,money management,colin exelby,financial advice,wealth tips,legacy planning,cash management,wealth management,simple financial planning,wealth manager,celestial wealth management,financial advisor,retirement,retirement withdrawal strategies,retire,company retirement plan,generate retirement income,withdrawals,tax distribution,federal income tax,state income tax,income strategy,retirement income tax,types of disability insurance, women, long term disability, financial advisor, northwestern mutual, saving, millennial finance, disability insurance benefits, di insurance, cover expenses, owl insurance solutions, personal disability insurance, insurance (industry), high limit disability insurance, excess disability insurance, petersen international underwriters, guardian life disability insurance, income protection plan, best disability insurance companies, new york disability insurance, disability insurance coverage, physician insurance, financial empowerment, disability income, income, individual disability income, individual disability income insurance, wealth management, education, john smallwood, smallwood wealth, wealth curve talk, protect your lifestyle with disability insurance, northwestern mutual disability insurance, di, brittney, castro, finance, wealth, financially, wise, mortgage, startup, financetips, cash, blockchain, creditrepair, luxury, goals,financialplanning, millionaire, rich, businessowner, loans, tax, bhfyp, financial, debtfree, insurance, economy, lifestyle, daytrader, forextrader, banking, accountant, creditscore, education, financialindependence, investments, realtor, fintechdoctors, resident physicians, wci, doctor mortgage, 401k, hsa, life insurance for millennials, disability insurance canada, disability insurance 101, life insurance 101, pwl capital, di quote, di quotes, di services, di insurance for millennials, finance, money, business, investing, investment, financialfreedom, entrepreneur, trading, stockmarket, wealth, stocks, invest, bitcoin, success, forex, motivation, realestate, investor, cryptocurrency, accounting,,crypto,credit,smallbusiness,entrepreneurship,marketing,trader,bhfypHow To Create A Tax-Free Retirement Income,see the forest through the trees,financial planning for business owners,retirement planning for business owners,certified financial planner,cash flow management,debt management,

[DeniseDesarden]

Wow! This is exactly what I have been looking for. Every minute has valuable information. Very detailed and to the point. My own tax guy couldn't explain it like you. Thank you!

[cwomanwoman]

I really enjoyed this! I took notes and I was so happy to get the REAL details and not miss a beat! You are incredible! Subscriber for life!

[AllThingsRickita]

Thank you so much for this video. It helped me tighten up my paperwork. ❤

[marriedlife]

I subscribed to your channel, really valuable information. Thank you for doing great job educating parents

[darenn]

Thanks for the added details on this video. Can’t wait to hire my kids once my small business is up and running. Whatever earnings i make—they will all go towards investments.

[tonzbal_]

Great detailed video! I have 3 kids all under 5 years old, obviously they cannot do any productive work yet to become employees for my single member LLC. But I actually use them to model my baby products. Could my business pay them like free-lancers or independent contractors? As long as I pay them under $600 then I won't have to issue a 1099 NEC and deal with self-employment taxes. Would that work? If so, then I would not fill out a W-2 also.

[maxshiraz]

Excellent advice well described. You deserve a lot more subs

[mienmombo]

This is great information. I'll definitely be sharing with friends.

[duneme]

PERFECT!

This is EXACTLY what I want to do for my GrandKids with My Rental Houses!
If I do this until they are just 15-yrs old, they should be set for their retirement funds!

[berylforewah]

Thank you, this is very helpful. Would a w2 form be generated If no tax is deducted from my 17 year old son payroll ?

[kelliwright]

Would you be able to pay your children via Greenlight card or does it have to be an actual bank account?

[suwerteinternationalllc.]

Does the tax-free part apply to an LLC filing as an S-corp as well?

[rnareppa]

Good information & well presented, thank you. Question: If I pay my children for work they did for my LLC, I don't withhold any money for Federal purposes, and I will issue them a W2, all set there. For NY state purposes, when I file NYS-45, do the salaries I pay my kids count as remuneration? As per the NYS-45 instructions: "The following payments are excluded from remuneration: Payments made by a sole proprietorship to the sole proprietor, to his or her spouse or minor (under 21) child, and payments made by a partnership to the partners." So, should I put down $0 for remuneration on Line 1 of NYS-45? If I put down the salary amount, I will have to pay UI tax etc, which is ok, but want to do the right thing for hiring my kids.

[NLee-ymwc]

Thank you for dropping all that knowledge!

[marstechnicians]

Great info! I kind of procrastinated on this, but is paying my son a lump sum allowed?

[SussmanFinancial]

Do you have to give your kids a SEP IRA contribution since they are an employee?

[peterkourajian]

Thanks. If I work for a C corp company can I do this only if I set up a “family management co” ? If so do I still get to lower my income by the amount that gets sent to the FMC??

[cruiseaddict]

You have to issue a w2 if your child HAS to file taxes due to possible custodial roth IRA accounts, which are one of the major benefits of hiring your child!!

[tomparsons]

great video with great details. thanks!

[DwayneVeritasLogan]

Hi Colin, once I pay my kids (3 and 5 yr olds who act and model for my film business) via check or transfer to an account in their name, how can I legally allow expenditures from that account?