{"id":10114,"date":"2025-06-21T18:00:00","date_gmt":"2025-06-21T18:00:00","guid":{"rendered":"https:\/\/riverbend.objectivebrand.com\/?p=10114"},"modified":"2025-06-19T17:06:51","modified_gmt":"2025-06-19T17:06:51","slug":"owners-can-legally-hire-their-children","status":"publish","type":"post","link":"https:\/\/riverbend.objectivebrand.com\/?p=10114","title":{"rendered":"How Business Owners Can Legally Hire Their Children-FFF#218"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10114\" class=\"elementor elementor-10114\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-1711673 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1711673\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b2a49f\" data-id=\"7b2a49f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a08b3c7 elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-widget elementor-widget-blockquote\" data-id=\"a08b3c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t\u201cIf you want to help the poor and our next generation, make investment, reinvestment, and businesses welcome.\u201d \n\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">-Gina Rinehart<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=%E2%80%9CIf+you+want+to+help+the+poor+and+our+next+generation%2C+make+investment%2C+reinvestment%2C+and+businesses+welcome.%E2%80%9D+%0A+%E2%80%94+-Gina+Rinehart&amp;url=https%3A%2F%2Friverbend.objectivebrand.com%2F%3Fp%3D10114\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f7f42b0 elementor-widget elementor-widget-text-editor\" data-id=\"f7f42b0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>I was taught to save money for as long as I can remember.<\/p><p>I saved my $3 a week allowance in one of my grandma\u2019s old cigarette pouches.<\/p><p>But I couldn\u2019t start a retirement account yet, because I had no earned income.<\/p><p>This is where business owners of today can do better for their children and themselves.<\/p><p>You can hire your children.<\/p><p>When they have earned income, they qualify to fund a ROTH IRA.<\/p><p>Imagine compounded tax-free growth over 50 years!<\/p><p>A CPA and I discussed this yesterday.<\/p><h2><strong>Here are some things you need to consider before you hire your child:<\/strong><\/h2><ul><li>The work needs to be actual work. <strong>This could be:<\/strong><ul><li>Emptying the trash, cleaning, or checking the mail.<\/li><li>If they are driving age, making deposits at the bank etc.<\/li><li>Yes, they can be a \u201cmodel\u201d for your advertisements\/website etc.<\/li><\/ul><\/li><li>Their wage needs to be fair and reasonable for the work they are doing<\/li><li>Consider state laws<\/li><li>Consider child labor laws<\/li><li>Consider an earning limit of $15,000 which is the current standard deduction. (They won\u2019t owe income taxes if they make less than that amount)<\/li><\/ul><p>OF COURSE, discuss this with your CPA to make sure you\u2019re doing it all above board. They need to sign off on this.<\/p><h3><strong>The potential benefits to the parents are:<\/strong><\/h3><ul><li>Avoid potential estate taxes in the future<\/li><li>No gift tax, because it\u2019s not a gift<\/li><li>Their wages can count as deductible business expenses<\/li><li>Giving your kids valuable lessons about consistency and discipline<\/li><\/ul><h3><strong>Potential negatives are:<\/strong><\/h3><ul><li>At age 18, they have rights to their retirement and investment accounts<\/li><li>Having assets in their name can potentially affect financial aid or scholarship eligibility<\/li><li>They could become very rich and thank you too much \ud83d\ude0a<\/li><\/ul><p>Check out our newest video: <a href=\"https:\/\/youtu.be\/oPv5Ne0oTZU\" target=\"_blank\" rel=\"noopener\">This is the Perfect Age to Retire<\/a>.<\/p><p><a href=\"https:\/\/youtu.be\/oPv5Ne0oTZU\" rel=\"attachment wp-att-10118 noopener\" target=\"_blank\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-10118\" src=\"http:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/06\/T23-This-Is-The-Perfect-Age-To-Retire-NEW-STUDY-1.jpg\" alt=\"This Is The Perfect Age To Retire\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/06\/T23-This-Is-The-Perfect-Age-To-Retire-NEW-STUDY-1.jpg 1920w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/06\/T23-This-Is-The-Perfect-Age-To-Retire-NEW-STUDY-1-300x169.jpg 300w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/06\/T23-This-Is-The-Perfect-Age-To-Retire-NEW-STUDY-1-1024x576.jpg 1024w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/06\/T23-This-Is-The-Perfect-Age-To-Retire-NEW-STUDY-1-768x432.jpg 768w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/06\/T23-This-Is-The-Perfect-Age-To-Retire-NEW-STUDY-1-1536x864.jpg 1536w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/06\/T23-This-Is-The-Perfect-Age-To-Retire-NEW-STUDY-1-610x343.jpg 610w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/a><\/p><p>\u00a0<\/p><p><span data-teams=\"true\">I&#8217;m humbled to share that I have been recognized as <a id=\"menurpp\" class=\"fui-Link ___1q1shib f2hkw1w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1s184ao f1mk8lai fnbmjn9 f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn\" title=\"https:\/\/link.edgepilot.com\/s\/a0a321e6\/oqpwzfwttksc8i0qzdxuog?u=https:\/\/www.advisorhub.com\/advisors-to-watch-ria-2025\/\" href=\"https:\/\/link.edgepilot.com\/s\/a0a321e6\/OQPWzfwTTkSc8i0qzDXUOg?u=https:\/\/www.advisorhub.com\/advisors-to-watch-ria-2025\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Link one of the 250 advisors\">one of the 250 advisors<\/a> who have built efficient, high-performing teams while maintaining exceptional service and steady growth! \u00a0 I could not have done this without our wonderful team at Riverbend! <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u201cIf you want to help the poor and our next generation, make investment, reinvestment, and businesses welcome.\u201d -Gina Rinehart Tweet I was taught to save money for as long as I can remember. I saved&#8230; <a class=\"read-more\" title=\"FULL STORY\" href=\"https:\/\/riverbend.objectivebrand.com\/?p=10114\">Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":10116,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[341,75,82,63],"class_list":{"0":"post-10114","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finger-financial-five","8":"tag-children","9":"tag-financial","10":"tag-investments","11":"tag-tax","12":"entry"},"acf":[],"_links":{"self":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10114"}],"version-history":[{"count":10,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10114\/revisions"}],"predecessor-version":[{"id":10128,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10114\/revisions\/10128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/media\/10116"}],"wp:attachment":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}