Jim DahleEmergency Physician and Financial Educator for Medical Professionals

Employing Your Kids #doctor #dentist #wealth #money

Name: Employing Your Kids #doctor #dentist #wealth #money
Uploaded: 2024-09-14T06:30:11Z
Channel: Jim Dahle
Description: This is a YouTube video titled "Employing Your Kids #doctor #dentist #wealth #money" containing a monologue or presentation discussing the legal and…

14 Sept 2024

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This is a YouTube video titled "Employing Your Kids #doctor #dentist #wealth #money" containing a monologue or presentation discussing the legal and practical considerations of employing children in a business setting to contribute to a Roth IRA. The speaker explains the importance of legitimate work, proper documentation, and compliance with IRS rules to avoid legal issues. The content was created in September 2024 and focuses on financial and tax advice related to family employment in professional practices.

Employing the kids means they get earned income and now they can contribute to a Roth ira. However, there is a but theoretically you would be paying someone else to do this job. So there really ought not to be any savings to you because if the kids aren't doing a job that is legit, the whole thing is illegal. To keep it legal you must follow the rules. Those rules are legitimate work, reasonable pay. Keep payment records. So like you got to fill out an i9 and a W4 and timecards and a W2 and it cannot be for personal services. This must be done in a business setting. They got to mop the floors in the waiting room, they got to clean windows at the clinic, they got to run the autoclave in the dental office. It's got to be real work or you're just running a scam and the IRS hates this scam and they watch out for this scam.